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Part 1:
Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 20Y5, were as follows:
1. Journalize the selected transactions. Assume 360 days per year.
If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. For a compound transaction, if an amount box does not require an entry, leave it blank.
Comprehensive Problem 3Part 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.
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.
Question Content AreaComprehensive Problem 3Part 3:Note: You must complete parts 1 and 2 before completing part 3 of this comprehensive problem.Based on the bank reconciliation prepared in (2), journalize the entry or entries to be made by Kornett Company. If an amount box does not require an entry, leave it blank. Use the Miscellaneous Administrative Expense account to record bank service charges.
Question Content Area
Comprehensive Problem 3
Part 3:
Note: You must complete parts 1 and 2 before completing part 3 of this comprehensive problem.
Based on the bank reconciliation prepared in (2), journalize the entry or entries to be made by Kornett Company. If an amount box does not require an entry, leave it blank. Use the Miscellaneous Administrative Expense account to record bank service charges.
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ory Bookmarks Tools Window Help CengageNOW2 | Online teachi X 8 https://v2.cengagenow.com/in/takeAssign ... onLocator=& Nov. 30: Journalized the employer's payroll taxes on the payroll. Date Description Debit Credit Nov. 30 Dec. 14: Journalized the payment of the September 15 note at maturity. Date Description Debit Credit Dec. 14. Dec. 31: The pension cost for the year was $190,400, of which $139,700 was paid to the pension plan trustee. Date Description. Debit Credit Dec. 31 Check My Work 10 more Check My Work uses remaining 11% [4] THU 1:43 AM Upgrade to macOS Monterey Get new FaceTime features, SharePlay. and Live Text Email Instructor Save and Exit a Next > Submit Assignment for Grading Install Details
Bookmarks Tools Window Help X CengageNOWv21 Online teach X https://2.cengagenow.com/in/takeAssignm ... ionLocator Comprehensive Problem 3 Part 2: Note: You must complete part 1 before completing part. 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, 123,000. 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 A check for $12,700 in payment of an invoice was incorrectly recorded in the accounts as $12,000 Adjustments Kornett Company Bank Reconciliation December 31, 2015 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 Check My Work 10 more Check My Work uses ning Thị Thu THÁN Imalineudor Upgrade to macOS Monterey Get new facine features Shelley and Live Sext Previous Q Next Details Submit Assignment for Grading CO
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