Question
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
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. Sony’sfiscal 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?
Step by Step Solution
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Step: 1
1a Accounting Transaction at Date of Sale Date March 14 2020 Description Purchase of 22 Sony monitors with extended warranty Accounts Debit Office Equipment Asset Account 28580 22 monitors 1290 Debit ...
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Business Statistics A Decision Making Approach
Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry
9th Edition
013302184X, 978-0133021844
