What adjusting journal entries, if any, would you amke for each of these items? Explain why each adjustment is necessary.

Inventory one partner in charge of Planning and substantive Procedures. warehouse the audit of Blue wants on containing 80 percent of its inventory. Smith is the to that was pre support the firm's opinion on financial statements and be certain that essentiai eudi Required a. What evidence should expect to find indicating that the observation of the c Smith ent's physical count of inventory was well planned and that assistants were properly supervised? b. What substantive procedures should smith find in the audit documentation of manage- ment's balance assertions about existence and completeness of inventory quantities at the end of the year? (Refer to Appendix 9B for the audit plan's procedures.) 9.49 Sales/Inventory (AICPA adapted) Cutoff. Your client took a complete physical inventory count under your observation as of December 15 and adjusted the inventory control account (perpetual tory method) to agree with the physical inventory count. After considering the count adjust ments as of December 15 and after reviewing the transactions recorded from December 16 to December 31, you are almost ready to accept the inventory balance as fairly stated. However, your review of the sales cutoff as of December 15 and December 31 disclosed the following items not previously considered Sales Date Cost Price Shipped Billed Credited to Inventory Control $28,400 $36,900 12/14 12/16 12/16 39,100 50,200 12/10 12/19 12/10 18,900 21,300 1/2 12/31 12/31 Required: what adjusting journal entries, if any, would you make for each of these items? Explain why each adjustment is necessary. (AICPA adapted)