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The following is a comprehensive problem which encompasses all of the elements learned in previous...

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Accounting

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The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for 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, 20Y Cash balance according to bank statement Add deposit in transit, not recorded by bank Adlusted balance Previous

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