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Help please You are conducting the audit of 6/30/22 year-end financial statements of Asbury Cheese Company. Their main line of business is to package and
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You are conducting the audit of 6/30/22 year-end financial statements of Asbury Cheese Company. Their main line of business is to package and sell small snack-sized refrigerated cheese products is to convenience stores throughout the Midwest. They have six products consisting of either a 40z and 8 oz package of these three flavors (Cheddar, Cheddar Jack, and Swiss. Their customer base consists of two large chains (approximately 60% of sales and numerous independent convenience store operators (40% of sales). Question 1: 4 Points Total To perform cutoff testing, you select a sample involving the following 8 transactions. For each transaction, indicate whether this is an error related to the June 30, 2022 financial statements. Invoice # Invoice Date 6/21/22 6/30/22 6/29/22 6/30/22 6/30/22 6/30/22 7/02/22 7/03/22 Sales Amount S 30,000 S 20,000 S 10,000 S 40,000 S 100,000 S 60,000 S 40,000 S 70,000 Date recorded in General Ledger 6/21/22 6/30/22 6/29/22 6/30/22 6/30/22 6/30/22 7/02/22 7/03/22 Date Shipped per shipping support attached to invoice 6/29/22 6/20/22 6/30/22 7/03/22 6/30/22 7/01/22 7/01/22 6/30/22 Is this an error in Sales Revenue for the year end 6/30/22 financial statements? (Y = it is an error) Not required but you can use this space to explain thoughts behind any answers:
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