College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Chapter D, Problem 4P
a.
To determine
Journalize the issuance of note on August 5.
b.
To determine
Journalize the payment of principal amount on September 19 (maturity date).
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You are employed by an external audit firm that is hired by JBltd, a privately owned incorporated business. Accounting records are maintained on a computer using proprietary software. You have worked on the audit for three years and this year you are in charge of the audit. Your assistant is a newly recruited business graduate who has done an accounting course but has no practical experience. Because of the small size of the company there is limited opportunity for segregation of duties. You decide, as in previous years, that the appropriate audit strategy is to obtain evidence primarily through the performance of substantive procedures. You also plan to perform the audit around the computer as the proprietary software is known to be reliable and details of all transactions and balances can be readily printed out. On arriving at the company's premises in December 2019 to perform the final audit on the 31 October 2019 financial statements, you obtain a copy of the year end bank…
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College Accounting (Book Only): A Career Approach
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