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 Weasley'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 Number Payee Description Invoice Date Amount 1842 Malfoy Financial Consultants Professional services 12/28 $23,752.63 1843 Hagrid Cleaning Services October monthly 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 12/23 Inventory Inventory 4,590.60 1850 Nicholas Fancy Headwear 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 monthly cleaning 12/15 4,322.43 1855 Malfoy Financial Consultants Professional services 1/28 13,888.56

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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Question

Search for Unrecorded Liabilities. The list of vouchers payable for Potter’s Magic Shoppe at December 31 is as follows:

Check the below image for list of vouchers -

Required
a. Prepare an audit plan for the audit of unrecorded liabilities for Potter’s Magic Shoppe.
b. 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.

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
Weasley'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 Number
Payee
Description
Invoice Date
Amount
1842
Malfoy Financial Consultants
Professional services
12/28
$23,752.63
1843
Hagrid Cleaning Services
October monthly 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
12/23
Inventory
Inventory
4,590.60
1850
Nicholas Fancy Headwear
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 monthly cleaning
12/15
4,322.43
1855
Malfoy Financial Consultants
Professional services
1/28
13,888.56

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