Question

The general ledger account balance at November 30, 2019 should be listed in the first paragraph of the homework as $4,872.69

W x 3 & sue TI-84 Plus CE 2 9 6 8 5 $LT LSU LO V 7 4 log TEXAS INSTRUMENTS 1 0 Bere o The internal auditor of the Wilson Corporation is preparing the November 30, 2019 bank reconsiliation. The auditor uses the following procedures to reconcile the bank statement to general ledger cash balance of $5.322.69. 1. Trace outstanding items on the bank reconciliation for the previous month to the current bank statement. The October 31 reconciliation included the following: S420.00 Deposit in transit Outstanding checks: Number 149 Number 154 Number 135 $125.00 56.25 135.00 2. Compare the deposits made during the month in the accounting records to the deposits on the bank statement Wilson Corporation made the following deposits during November: November 2..... November 7.... November 10............ November 14................. November 17.. $630.00 November 21................ 560.80 November 26... ... 480.25 November 29.... 525.00 November 30.... 270.25 5640.20 475.00 471.40 225.00 3. Compare the checks issued during the month to the checks on the bank statement. Wilson Corporation recorded the following checks during November: Number 156................. Number 157..... Number 158. Number 159.............. Number 160......... Number 161.. Number 162. Number 163................. Number 164................. $315.10 Number 165. 233.26 Number 166. 27.14 Number 167.... 725.00 Number 168.... 315.37 Number 169. 76.40 Number 170. 325.60 Number 171.. 450.00 Number 172 239.00 Number 173. S 65.70 482.43 301.66 149.50 260.00 122.50 370.10 450.00 240.50 4. Scan the bank statement for charges and credits not yet reflected in the general ledger 5. Check for errors. The Wilson Corporation recorded check number 159 as $725.00. The correct amount of $275.00 appears on the bank statement. The check was written to pay for office supplies.

Answer 1

1.

The Wilson Corporation
Bank Reconciliation
November 30, 2019
Balance per bank statement		6488.95
Add: Deposits in transit		225.00
		6713.95
Less: Outstanding checks
Number 167	301.66
Number 168	149.5
Number 172	450.00
Number 173	240.50	1141.66
Adjusted balance $		5572.29
Balance per books		4872.69
Add:
Bank credit memo	300
Error in recording check no. 159 ($725 - $275)	450	750
		5622.69
Less:
Check returned	35.40
Bank debit memo	5.00
Bank service charge	10.00	50.40
Adjusted balance $		5572.29

2.

Date	General Journal	Debit	Credit
Nov. 30, 2019	Cash	300.00
	Accounts receivable		300.00
	(To record bank credit memo)
Nov. 30, 2019	Cash	450.00
	Office supplies		450.00
	(To rectify error in recording check no. 159)
Nov. 30, 2019	Accounts receivable	35.40
	Cash		35.40
	(To record check returned)
Nov. 30, 2019	Miscellaneous expense	15.00
	Cash		15.00
	(To record bank debit memo and service charges)

3. Cash balance on the balance sheet: $5572.29