Question
Discuss with credit department personnel the likelihood of collection of all accounts as of December 31, 2016, with a balance greater than $100,000 and greater
Discuss with credit department personnel the likelihood of collection of all accounts as of December 31, 2016, with a balance greater than $100,000 and greater than 90 days old as of year end.
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Examine sales invoices for the last five sales transactions recorded in the sales journal in 2016 and examine shipping documents to determine they are recorded in the correct period.
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For a sample of customer accounts receivable balances at December 31, 2016, examine subsequent cash receipts in January 2017 to determine whether the customer paid the balance due.
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Determine whether all risks related to accounts receivable are adequately disclosed.
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Foot the sales journal for the month of July and trace postings to the general ledger.
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