Nancy stail assistant on mpany, was transferred to anoth she could complete the audit of unrecorded accounts payable. Her working paper, which you have review complete, appears below. Invoice Date April 1,x2 April 30,X2 Wilcox Company Unrecorded Accounts Payable April 30, 20x2 Vendor and Description Hill & Harper-unpaid legal fees at April 30, X2 (see lawyer's letter at M-4) Drew Insurance Agency-unpaid premium at year-end on fire insurance for period April 1, X2- March 31, X3 (see insurance broker letter at 3-1-1). Payment made on May 7, 20x2. Mays and Sage, Stockbrokers-advice for 100 shares of Madison Limited common stock (settlement date May 7, X2) Lane Company-shipment received April 30, X2 per receiver number 3361 and included in April 30, X2, physical inventory; invoice not yet received (amount is per purchase order) Examined document docerbed M-1-1 Amount $ 1,250 2,700y 2,25@y 5,988y $ 12,188
Nancy stail assistant on mpany, was transferred to anoth she could complete the audit of unrecorded accounts payable. Her working paper, which you have review complete, appears below. Invoice Date April 1,x2 April 30,X2 Wilcox Company Unrecorded Accounts Payable April 30, 20x2 Vendor and Description Hill & Harper-unpaid legal fees at April 30, X2 (see lawyer's letter at M-4) Drew Insurance Agency-unpaid premium at year-end on fire insurance for period April 1, X2- March 31, X3 (see insurance broker letter at 3-1-1). Payment made on May 7, 20x2. Mays and Sage, Stockbrokers-advice for 100 shares of Madison Limited common stock (settlement date May 7, X2) Lane Company-shipment received April 30, X2 per receiver number 3361 and included in April 30, X2, physical inventory; invoice not yet received (amount is per purchase order) Examined document docerbed M-1-1 Amount $ 1,250 2,700y 2,25@y 5,988y $ 12,188
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Nancy Howe, your staff assistant on the April 30, 20X2, audit of Wilcox Company, was transferred to another audit engagement before
she could complete the audit of unrecorded accounts payable. Her working paper, which you have reviewed and are satisfied is
complete, appears below.
Invoice Date
April 1, X2
April 30,X2
N.A.H.
May 29, X2
Vendor and Description
Hill & Harper-unpaid legal fees at April 30, X2 (see lawyer's
letter at M-4)
y-Examined document described.
In my opinion, the $12,188 adjustment Includes all material unrecorded accounts payable.
Wilcox Company
Unrecorded Accounts Payable
April 30, 20x2
Drew Insurance Agency-unpaid premium at year-end on fire insurance
for period April 1, X2- March 31, X3 (see insurance broker letter
at 3-1-1). Payment made on May 7, 20x2.
Mays and Sage, Stockbrokers-advice for 100 shares of Madison
Limited common stock (settlement date May 7, X2)
Lane Company-shipment received April 30, X2 per receiver number
3361 and included in April 30, X2, physical inventory; invoice not
yet received (amount is per purchase order)
View transaction list
Journal entry worksheet
Date
April 30, 20X2
Record the adjusting journal entry for the unrecorded accounts payable of
Wilcox Company at April 30, 20X2.
Prepare a proposed adjusting Journal entry for the unrecorded accounts payable of Wilcox Company at April 30, 20X2. The amounts
are material. (Do not deal with income taxes.) (If no entry is required for a transaction/event, select "No journal entry required" in the
first account field. Do not round intermediate computations.)
Note: Enter debits before credits.
Record entry
General Journal
Clear entry
Debit
Credit
M-1-1
Amount
$ 1,250y
View general Journal
2,70@y
2,25@y
5,988y
$ 12,188](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8349c200-992a-4f4b-9946-1f0a11136231%2F631a8339-a1d9-45d3-a1e6-2c3e92341b47%2Fcss4wnc_processed.png&w=3840&q=75)
Transcribed Image Text:Nancy Howe, your staff assistant on the April 30, 20X2, audit of Wilcox Company, was transferred to another audit engagement before
she could complete the audit of unrecorded accounts payable. Her working paper, which you have reviewed and are satisfied is
complete, appears below.
Invoice Date
April 1, X2
April 30,X2
N.A.H.
May 29, X2
Vendor and Description
Hill & Harper-unpaid legal fees at April 30, X2 (see lawyer's
letter at M-4)
y-Examined document described.
In my opinion, the $12,188 adjustment Includes all material unrecorded accounts payable.
Wilcox Company
Unrecorded Accounts Payable
April 30, 20x2
Drew Insurance Agency-unpaid premium at year-end on fire insurance
for period April 1, X2- March 31, X3 (see insurance broker letter
at 3-1-1). Payment made on May 7, 20x2.
Mays and Sage, Stockbrokers-advice for 100 shares of Madison
Limited common stock (settlement date May 7, X2)
Lane Company-shipment received April 30, X2 per receiver number
3361 and included in April 30, X2, physical inventory; invoice not
yet received (amount is per purchase order)
View transaction list
Journal entry worksheet
Date
April 30, 20X2
Record the adjusting journal entry for the unrecorded accounts payable of
Wilcox Company at April 30, 20X2.
Prepare a proposed adjusting Journal entry for the unrecorded accounts payable of Wilcox Company at April 30, 20X2. The amounts
are material. (Do not deal with income taxes.) (If no entry is required for a transaction/event, select "No journal entry required" in the
first account field. Do not round intermediate computations.)
Note: Enter debits before credits.
Record entry
General Journal
Clear entry
Debit
Credit
M-1-1
Amount
$ 1,250y
View general Journal
2,70@y
2,25@y
5,988y
$ 12,188
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