Question

 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. Use the Miscellaneous Administrative Expense account to record bank service charges. If an amount box does not require an entry, leave it blank.

 Comprehensive Problem 3

 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. If an amount box does not require an entry, leave it blank.

 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.

this is part 1 & 2

Answer 1