Based on the bank reconciliation THAT IS ATTACHED, journalize the entry or entries to be made by Kornett Company. If an amount box does not require an entry, leave it blank.   Description Debit Credit choices: Accts Receivable, Cash, Cost of Merchandise Sold, Misc Expense, Petty Cash

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Based on the bank reconciliation THAT IS ATTACHED, journalize the entry or entries to be made by Kornett Company. If an amount box does not require an entry, leave it blank.

 

Description Debit Credit
choices: Accts Receivable, Cash, Cost of Merchandise Sold, Misc Expense, Petty Cash
   
choices: Accts Payable, Accts Receivable, Cash short and over, Cost of Merchandise sold, Sales
   
choices: Accts Payable, Bad debit expense, Cash, Cost of merchandise sold, Petty cash
   
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
283,000
Add deposit in transit, not recorded by bank
29,500
Deduct outstanding checks
68,540
Adjusted balance
243,960
Cash balance according to company's records
245,410
Deduct:
Bank service charges
750
Error in recording check
700 V
Adjusted balance
243,960
Feedback
Check My Work
Transcribed Image Text: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 283,000 Add deposit in transit, not recorded by bank 29,500 Deduct outstanding checks 68,540 Adjusted balance 243,960 Cash balance according to company's records 245,410 Deduct: Bank service charges 750 Error in recording check 700 V Adjusted balance 243,960 Feedback Check My Work
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