The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete part 1 before completing part 2 Based on the following data, prepare a bank reconciliation for December of the current year: a. Balance according to the bank statement at December 31, $283,000. b. Balance according to the ledger at December 31, $245,410. C. Checks outstanding at December 31, $68,540. d. Deposit in transit, not recorded by bank, $29,500. e. Bank debit memo for service charges, $750. f. A check for $12,700 in payment of an invoice was incorrectly recorded in the accounts as $12,000. Kornett Company Bank Reconciliation December 31, 2015 Balance according to bank statement Adjustments: Deposit in transit Outstanding checks th Total adjustments Adjusted balance Balance according to company's records Adjustments: Bank service charges Error in recording check Total adjustments Adjusted balance