Record the accounting transaction and then the audit procedures for the economic event described. Also include a discussion of any high risk audit areas.

On 3/14/20, the FCOB purchased 22 Sony monitors for $1,290 each, on account. Sonysfiscal year end is March 31. Included in the sale price is a free 3-year extended service warranty package valued at $105 per monitor. Sony has a 31% gross profit percentage.

1.a What is the Accounting Transaction at Date of Sale?

1.b What are the Audit Procedures?