e https://newconnect.mheducation.com/flow/connect.htmlX e ezto.mheducation.come ezto.mheducation.come PortaleChapter 9 ProblemsSavedChapter 9 Problems iScott Duffney, CPA, has randomly selected and audited a sample of 100 of Will-Mart's accounts receivable. Will-Mart has 3,000accounts receivable accounts with a total book value of $3.600,000. Duffney has determined that the account's tolerablemisstatement is $850,000.polntsHis sample results are as follows:Average auditedvalue$1,190eBookAverage book value1,198PrintRequired:Calculate the accounts receivable estimated audited value and projected misstatement using the: (Do not round your intermediatecalculations and round your final answer to nearest whole dollar.)ReferencesEstimatedAudited ValueProjectedMisstatementa. Mean-per-unit method.3,570,000 $30,000b. Ratio method.C.Difference method.McGrawHillEducation< Prev5 of 6Next >Chapter 9 Problem...DELL%24

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Q#8: Continue with Zeal Company above. Consider that check #2236 (*) was a payroll check. The employee earned $985, Zeal's payroll clerk was distracted and accidently wrote the check for $859, transposing two numbers. The clerk did not catch the error and, consistent with the general ledger activity shown above, the clerk recorded the payment on the company's books as: $985 Wage Expense Cash $985 Select the true answer choice below: A. Zeal should ignore this error when preparing the June reconciliation but should still contact the employee whose paycheck was written incorrectly. B. Zeal should call the bank to get this situation resolved. C. Zeal should include a negative reconciling item on the bank side of the reconciliation report in the amount of $(126). D. Zeal should include a negative reconciling item on the book side of the reconciliation report in the amount of $(126). E. Zeal should include a positive reconciling item on the book side of the reconciliation report in the…
Problem 10 You are assigned to assess the collectibility of the receivables carried in the books Goliath Company, your company's audit client. The working trial balance are prepared at December 31, 2021 showed the following balances: Notes Receivable 6,000,000 Accounts Receivable 4,000,000 In the course of your examination, you discovered the following: Notes Receivable from Company A Notes Receivable from Company B 2,000,000 3,000,000 Notes Receivable from Company C 1,000,000 No interest has yet been recorded by Goliath during 2021 on any of the notes above. Company A is undergoing bankruptcy proceedings and has negotiated for a restructuring of its notes receivable. The note was for a four-year period and interest of 10% is collectible annually. All interest accrued before 2021 has been collected. The note matured on December 31, 2021. Collection of Interest was last made on December 31, 2020. The restructuring agreement with Company A calls for annual payment of P550,000 starting…
-5 After returning from a three-day business trip, the accountant for Southeast Sales, Johanna Estrada, checked bank activity in the company's checking account online. The activity for the last three days follows: Business Checking Type 09/24/20X1 Loan Payment 09/24/20X1 Deposit 09/23/20X1 Check 09/23/20X1 Bill Payment 09/22/20X1 Check 09/22/20X1 Check 09/22/20X1 ACH Credit 09/22/20X1 ATM Date Account #123456-987 transactions: Description Online Transfer to HMG XXX DEPOSIT ID NUMBER 8888 CHECK #1554 (view) Online Payment CHECK #1553 (view) CHECK #1551 (view) Edwards UK AP PAYMENT ATM WITHDRAWAL Additions $ 2,329.60 $9,500.00 Payments $ 4,600.00 $ 4,100.00 $ 32.05 $ 300.00 $ 4,100.00 Prepare the journal entries in a general journal to record the four transactions above. Note: Round your answers to 2 decimal places. $ 300.00 After matching these transactions to the company's Cash account in the general ledger, Johanna noted the following unrecorded Balance $ 12,811.06 $ 17,411.06 $…
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Required information $3054 Knowledge Check 01 Messing Company has an agreement with a third-party credit card company, which calls for cash to be received immediately upon deposit of customers' credit card sales receipts. The credit card company receives 3.5 percent of card sales as its fee. Messing has $4,000 in credit card sales on January 1. Prepare the January 1 journal entry for Messing Company by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet D11 O
← Lorena's Dance Studio created a $270 imprest petty cash fund. During the month, the fund custodian authorized and signed petty cash tickets as follows: (Click the icon to view the petty cash tickets.) Data table Petty Cash Ticket No. Ticket No. 1 Ticket No. 2 Ticket No. 3 Ticket No. 4 Ticket No. 5 Account Debited Delivery of programs to customers Delivery Expense Mail package Postage Expense Printing Expense Miscellaneous Expense Office Supplies Item Newsletter Key to closet Copier paper Amount $ 30 15 35 50 75 Requirements 1. Make the general journal entry to create the petty cash fund. Include an explanation. 2. Make the general journal entry to record the petty cash fund replenishment. Cash in the fund totals $50. Include an explanation. 3. Assume that Lorena's Dance Studio decides to decrease the petty cash fund to $130. Make the general journal entry to record this decrease.
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Current Attempt in Progress An auditor is testing accounts receivable for a client that has 1,000 customers with customer balances that range from $150 to $185,000. The auditor subdivided the receivables into three groups: group 1 has all customers with receivable balances between $185,000 and $100,000, group 2 has all customers with receivable balances between $100,000 and $25,000, and group 3 has all customers with receivable balances less than $25,000. The auditor then randomly selects customers out of each group. This is known as: O random selection. O haphazard selection. O block selection. O stratified sampling.
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28 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 320 SELLERS XXX 103 CHECKS GIVEN XXX Which transaction does the journal entry belong to?A) The check has been returnedB) Check ReceivedC) Check turnoverD) Sellers have been given checksE) Check has been paid
TB 08 - 56 Accounts receivable accounts for specific cu... Accounts receivable accounts for specific customers are important because they show Multiple Choice How much each customer paid All of the choices are correct How much each customer still owes The basis for sending bills to customers How much each customer purchases
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