Assignment - wk9 (2 questions, 8.00 points) student activity preview policies me
ID: 2556809 • Letter: A
Question
Assignment - wk9 (2 questions, 8.00 points) student activity preview policies message history assignment options Questions 1-2 (of 2) In this mini-case you will Tocus on performing one aspect of the test of details on the accounts payable balance the search for unrecorded labilities. To identify possible unrecorded labitles you will compare the payments made after year end with the accounts payable listing as of the end of the year. In performing this comparison particular attention should be given to any payment made on the disbursements Journal for which there was not an accounts payable balance as of year end. Your responslbility is to Identify the transactions on the cash disbursements Journal that the audit team should Investigate and review further to determine If a liability should have been recorded as of year end. Award: 4.00 points A Problems? Adust credit for all students. Required information Work paper 11-2 contains a listing of the cash disbursement journal entries made in the first few days of the following year end. Compare the transactions on the cash disbursements journal with the accounts payable listing on work paper 11-1. Use the appropriate tick mark to evidence your review of each transaction. Work Paper 11-1Explanation / Answer
Legend T Traced to acounts payable Listing F Flagged for further enquiry and review Excrepts from Earthwear cash disbursements journal Date Payee Cash 1/1/2017 Apparel concepts 254032 T 1/1/2017 American Apparel 25407 T 1/2/2017 Texwin Pacific Ltd 105021 T 1/3/2017 Lewis Hardware 20536 F 1/3/2017 MS Leather Factory 40501 T 1/4/2017 Stephenson Promotion 157206 F 1/7/2017 C&S Manufacturing Inc 134043 T 1/9/2017 Intermountain Gas 37554 F Trasactions identified for further enquiry and review: Payee Reason Lewis Hardware Vendor payment on cash disbursements journal does not appear on accounts payable listing Stephenson Promotion Vendor payment on cash disbursements journal exceeds balance on accounts payable listing Intermountain Gas Vendor payment on cash disbursements journal does not appear on accounts payable listing