ACCOUNTS RECIEVABLE VS. ACCOUNTS PAYABLE As part of your first audit of the financial statements of Sugarland Company you have decided to confirm some of the accounts payable. You are now in the process of selecting the individual companies to whom you will send the accounts payable confirmation requests. Among the accounts payable you are considering are the following: COMPANY AMOUNT PAYABLE AT YEAR- TOTAL PURCHASES FROM END VENDOR DURING THE YEAR Shelton, Inc $0 $ 1,980,000 Underwood $ 22,650 $ 46, 100 Chesney Supply $ 65,000 $ 75,000 Zac Brown $ 190,000 $ 2.123,000 a.) Which of the above four accounts payable would you select as the most important to confirm? Explain your choice in terms of the audit assertion being tested and why it is important in the audit of accounts payable. Include the key audit assertion being tested in your answer. b.) Assume that you are selecting accounts receivable to be confirmed. Assume also that the four companies listed above are customers of your client rather than suppliers and that the dollar amounts are accounts receivables balances and total sales for the year. Which two companies would you select as the most important to confirm? Explain your choice in terms of the audit assertion being tested and why it is important in the audit of accounts recievable