Accounting excel This assignment will derrionst.e the following leaming objectives. Analyze and Record Transaction.. merchandise Purchases and Sales Using Analyze Perpetual Inventory System. Analyze and Record Transactions for merchandise Purchases and Sales Using the Perloac Inventory System. Record the following transactions using the perpetual anti tunedit inventory system (50 Points)
In an annual audit at December 31, 2019, you find the following transactions near the closing date: 1. Merchandise costing $625 was received on December 28, 2019, and the invoice was not recorded. You located it in the hands of the purchasing agent; it was marked “on consignment.” 2. A packing case containing products costing […]
In the audit of Price Seed Company for the year ended September 30, the auditor set a tolerable misstatement of $50,000 at an ARIA of 10 percent. A PPS sample of 100 was selected from an accounts receivable population that had a recorded balance of $1,975,000. The following table shows the differences uncovered in the […]
The following questions deal with confirmation of accounts receivable. Choose the best response. a. The return of a positive confirmation of accounts receivable without an exception attests to the (1) collectibility of the receivable balance. (2) accuracy of the allowance for uncollectible accounts. (3) accuracy of the aging of accounts receivable. (4) accuracy of the […]
The following audit procedures are included in the audit program because of heightened risks of material misstatements due to fraud. 1. Use audit software to search purchase transactions to identify any with nonstandard vendor numbers or with vendor names reflecting related parties. 2. Search sales databases for missing bill of lading numbers. 3. Use audit […]
The following misstatements are included in the accounting records of the Dillon Manufacturing Company: 1. Cash paid on accounts receivable was stolen by the mail clerk when the mail was opened. 2. A sales invoice was miscalculated by $1,000 as a result of a key-entry mistake. 3. Cash paid on accounts receivable that had been […]
Description After reading through the case, answers the questions. Ensure you read the assignment completely and adhere to all the requirements. Case 1 Regina recently landed her dream job at a local clothes outlet. Within a few weeks of working in her new employment, however, Regina began to engage in fraud. Regina committed the fraud […]
