PLEASE COMPLETE THIS PROBLEM USING THE SAME EXACT TABLE I PROVIDED AND IN THE SA

Question

PLEASE COMPLETE THIS PROBLEM USING THE SAME EXACT TABLE I PROVIDED AND IN THE SAME EXACT ORDER!!!

Comprehensive Problem 3
Part 2:

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, 20Y8 Cash balance according to bank statement $ Add deposit in transit, not recorded by bank Deduct outstanding checks Adjusted balance $ Cash balance according to bank statement $ Deduct: Bank service charges $ Error in recording check Adjusted balance $

Explanation / Answer

Kornett company

Bank Reconciliation

December 31, 2018

Note:

Actual Invoice value or Payment value = $12,700

Recorded in books = $12,000

Difference needs to be recorded $700

Kornett company

Bank Reconciliation

December 31, 2018

Cash balance according to bank statement $283,000 Add: Deposits in transit, not recorderd by bank $29,500 Deduct: Outstanding checks $68,540 Adjusted balance $243,960 Cash balance according to Ledger or Books $245,410 Deduct: Bank service charges $750 Error in record checking [$12,700 - $12,000] $700 $1,450 Adjusted balance $243,960

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