1. The audit has uncovered the following problem relating to revenue: Of the $30,000 Unetrned Revenue shown in the Balance Sheet at 30 June 2022, $6,000 is related to data storage services that were provided to customers during the 2022 Financial Year.

2. The audit has uncovered the following problem relating to loan interest:

Interest is charged at an annual rate of 7%. While the loan was correctly recorded as a current liability, no loan interest was recorded in the financial statements.

3. The audit has uncovered an unrecorded transaction relating to inventory:

On 30 June 2022, THE DATA INCUBATOR purchased and received inventory worth $50,000 from a supplier. The sales agreement with the supplier states that 40% of the cost of inventory is paid on the day of purchase, with the remainder paid in 30 days.

4. The audit has uncovered unrecorded transactions relating to wages:

THE DATA INCUBATOR pays $12,000 in weekly wages to its staff for a five-day working week, The audit uncovered that 3 days wages paid to staff was incorrectly omitted when preparing the financial statements.