8.58: Search for Unrecorded Liabilities. The list of vouchers Shoppe at December 31 is as follows: Vendor Invoice Date Amount Hagrid Cleaning Services 11/15 4,322.43 Hermione’s Hats 12/02 2,167.76 Lockhart Magic Books 12/31 6,489.11 Malfoy Financial Consultants 12/28 23,752,63 McGonagall Veterinary Supplies 12/23 4,590.60 Moaning Myrtle’s Mystical Capes 10/14 11,529.88 Nicholas Fancy Headwear 12/29 51,268.62 Snape’s Snakes 12/28 36,152,45 Wesley’s Wands 12/28 6,400.55 Hogwart’s Rentals 12/15 53,000.00 Total Vouchers Payable 199,674.03 Checks written in the following January are: Check Payee Description Invoice Date Amount 1842 Malfoy Financial Consultants Professional Services 12/28 23,752.63 1843 Hagrid Cleaning Services October cleaning 11/15 4,322.43 1844 Hogwart’s Rentals January rent 12/15 53,000.00 1845 Lockhart Magic Books Inventory 12/31 6,489.11 1846 Dudley Pastries Catering for office Christmas party 1/15 6,300.00 1847 Weasley’s Wands Inventory 12/28 6,400.55 1848 Rowlin’ Enterprises Trademark 1/1 10,000.00 1849 McGonagall Veterinary Supplies Inventory 12/23 4,590.60 1850 Nicholas Fancy Headwear Inventory 12/29 51,268.62 1851 Weasley’s Wands Inventory 12/31 6,400.55 1852 Hermione’s Hats Inventory 12/02 2,167.76 1853 Lockhart Magic Books Inventory 12/31 5,932.89 1854 Hagrid Cleaning Service November cleaning 12/15 4,322.43 1855 Malfoy Financial Consultants Professional Services 1/28 13,888.56 Prepare an audit plan for the audit of unrecorded liabilities for Potter’s Magic Shoppe. Prepare an adjusting journal entry to correct accounts payable. Potter’s maintains perpetual inventory records, and the inventory was counted and adjusted on December 31.
8.58: Search for Unrecorded Liabilities.
The list of vouchers Shoppe at December 31 is as follows:
|
Vendor |
Invoice Date |
Amount |
|
Hagrid Cleaning Services |
11/15 |
4,322.43 |
|
Hermione’s Hats |
12/02 |
2,167.76 |
|
Lockhart Magic Books |
12/31 |
6,489.11 |
|
Malfoy Financial Consultants |
12/28 |
23,752,63 |
|
McGonagall Veterinary Supplies |
12/23 |
4,590.60 |
|
Moaning Myrtle’s Mystical Capes |
10/14 |
11,529.88 |
|
Nicholas Fancy Headwear |
12/29 |
51,268.62 |
|
Snape’s Snakes |
12/28 |
36,152,45 |
|
Wesley’s Wands |
12/28 |
6,400.55 |
|
Hogwart’s Rentals |
12/15 |
53,000.00 |
|
Total Vouchers Payable |
|
199,674.03 |
Checks written in the following January are:
|
Check |
Payee |
Description |
Invoice Date |
Amount |
|
1842 |
Malfoy Financial Consultants |
Professional Services |
12/28 |
23,752.63 |
|
1843 |
Hagrid Cleaning Services |
October cleaning |
11/15 |
4,322.43 |
|
1844 |
Hogwart’s Rentals |
January rent |
12/15 |
53,000.00 |
|
1845 |
Lockhart Magic Books |
Inventory |
12/31 |
6,489.11 |
|
1846 |
Dudley Pastries |
Catering for office Christmas party |
1/15 |
6,300.00 |
|
1847 |
Weasley’s Wands |
Inventory |
12/28 |
6,400.55 |
|
1848 |
Rowlin’ Enterprises |
Trademark |
1/1 |
10,000.00 |
|
1849 |
McGonagall Veterinary Supplies |
Inventory |
12/23 |
4,590.60 |
|
1850 |
Nicholas Fancy Headwear |
Inventory |
12/29 |
51,268.62 |
|
1851 |
Weasley’s Wands |
Inventory |
12/31 |
6,400.55 |
|
1852 |
Hermione’s Hats |
Inventory |
12/02 |
2,167.76 |
|
1853 |
Lockhart Magic Books |
Inventory |
12/31 |
5,932.89 |
|
1854 |
Hagrid Cleaning Service |
November cleaning |
12/15 |
4,322.43 |
|
1855 |
Malfoy Financial Consultants |
Professional Services |
1/28 |
13,888.56 |
- Prepare an audit plan for the audit of unrecorded liabilities for Potter’s Magic Shoppe.
- Prepare an
adjusting journal entry to correct accounts payable. Potter’s maintains perpetual inventory records, and the inventory was counted and adjusted on December 31.
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