process of confirming receivables follow: Step-1. Obtain Aged Schedule of Accounts Receivable The auditor should obtain an aged schedule of accounts receivable as of the confirmation date. He or she should apply the following procedures to this schedule: Determine that totals are correct. Compare all or a selected sample of account balances with the account balances in the accounts receivable subsidiary ledger. Investigate credit balances. Step-2. Select Accounts for Confirmation Auditors
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Internal Revenue Service | | | b. U.S. Congress | | | c. Governmental Accounting Standards Board | | | d. Financial Accounting Standards Board | | Correct Marks for this submission: 5/5. Question 5 Marks: 5 The left side of a T-account is known as the: Choose one answer. | a. Debit Side | | | b. Credit side | | | c. Claims side | | | d. Equity side | | Correct Marks for this submission: 5/5. 1 Marks: 5 Product costs are matched against sales revenue
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was taken from the production and account ing records for Casuccio Manufacturing‚ Inc. Unaudited 20X9 Audited 20X8 Audited 20X7 Operating Data Capacity in Units 450‚000 450‚000 450‚000 Production in Units 450‚000 400‚000 300‚000 Inventory in Units 32‚000 28‚000 21‚000 Financial Data ($000) Total Revenues 35‚200 27‚500 21‚200 Total Assets 23‚000 19‚500 15‚700 Accounts Receivable‚ Net 5‚900 4‚300 3‚900 Bad Debt Expense 175 135 105 Accounts Receivable Written Off 165 125 100 Required
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Change default password of the user manager. 6. Setup the chart of accounts‚ see details in Appendix B. 7. Tag AR‚ Allowance for Bad Debts and AP as Control Accounts. 8. Tag Cash on Hand‚ Cash in Bank – BPI and Cash in Bank – Metrobank as Cash Accounts. 9. Setup banks and house banks for Metrobank #9000 with bank code of 101010‚ branch 1111 and account number of 9000 and BPI #1100 with bank code of 200300‚ branch 2222 and account number of 1100. 10. Setup Cash in Bank – Metrobank as the default
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2011 June 1 Mr. Edgar Detoya opened a bank current account with Land Bank of the Philippines in the amount of P1‚000‚000 and invested merchandise inventory valued at P45‚000 to start with his business. GJ Cash in Bank 1‚000‚000 Merchandise Inventory 45‚000 E. Detoya‚ Capital 1‚045‚000 Initial Investment June 15 Purchased store furniture and fixtures for cash from Ayala de Cebu costing P150‚000 plus VAT of 12%. Issued Check No. 48501 covered by Check Voucher No. 001. CDJ Store Furniture
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Statistics‚ Economics‚ Engineering‚ and many other subjects. The following are the balances in the accounts for Joan Miller Advertising Agency as of January 31‚ 2001: Cash Accounts Receivable Fees Receivable Art Supplies Office Supplies Prepaid Rent Prepaid Insurance Art Equipment Accumulated Depreciation‚ Art eq. Office Equipment Accumulated Depreciation – Office Eq. Accounts Payable Unearned Art Fees Wages Payable Joan Miller‚ Capital Totals Debit Credit $1‚720 2
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slight increase in accounts receivable reflecting the timing of seasonal sales at the end of 2011 as compared with 2010. Although its primary credit risk concentrates on two clients‚ McLane and Wal-Mart‚ its accounts receivable turnover is increasing. It means Hershey’s collection ability is good. Accounts Receivable—Trade In the normal course of business‚ we extend credit to customers that satisfy pre-defined credit criteria based upon the results of our recurring financial account reviews and our
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1: Aging Schedule of Accounts Receivable AGE OF ACCOUNT | BALANCE OUTSTANDING | % OF TOTAL BALANCE OUTSTANDING | 0-15 days | $ 20‚000 | 19.59 % | 16-30 days | 30‚000 | 29.39 | 31-60 days | 40‚000 | 39.19 | 61-90 days | 10‚000 | 9.80 | Beyond 90 days | 2‚071 | 2.03 | TOTAL | $ 102‚071 | 100.0 % | 2. To evaluate the credit quality of Aero-Strip’s accounts receivables portfolio‚ we turn to their average collection period (ACP) and aging of accounts receivable. Knowing the ACP enables
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following transactions were completed during April. (a) General Journal J1 |Date | |Account Titles and Explanation | |Ref. | |Debit | |Credit | |Apr. 4 | |Merchandise Inventory | |120 | | 840 | | | | | |Accounts Payable | |201 | |
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of the Pinnacle-Financials Excel file. Use the income statement information to prepare a common-size income statement for all three years. Use the information to identify accounts for which you believe there is a concern about material misstatements. Use a format similar to the following: Estimate of $ Amount Account Balance of Potential Misstatement e. Use the three divisional income statements in the Pinnacle-Financials Excel file on the Web site to prepare a common-size income
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