Question
a. Calculate the sample size for A/R confirmation by following steps in WP 25-2. Sample size* = 57 accounts (round up) Total accounts to be
a. Calculate the sample size for A/R confirmation by following steps in WP 25-2. Sample size* = 57 accounts (round up) Total accounts to be confirmed = 97 accounts
b. Assume that you received answers for all of the confirmations and only one of them indicated that the balance is wrong. The balance recorded is $598,000, but the correct amount is $589,000. Prepare an adjusting entry on WP 25-5.
c. Complete the A/R lead sheet WP 25-1, and complete the conclusions box by stating whether this account is fairly stated or not. (Ignore the allowance for doubtful accounts).
Step by Step Solution
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There are 3 Steps involved in it
Step: 1
a Sample Size Calculation for AR Confirmation The sample size for AR confirmation is determined by following the steps in WP 252 The first step is to calculate the population size which is the total n...
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
13th Edition
9780470374948, 470423684, 470374942, 978-0470423684
