Homework Answers
| Transaction | no.of procedures to be selected | Procedures |
| a | 2 | 4, 5 |
| b | 5 | 1,3,6,7,8 |
| c | 5 | 2,3,6,7,8 |
| d | 1 | 7 |
| e | 1 | 3 |
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The following client-prepared bank reconciliation is being examined by Zachary Kallick, CPA, during the examination of...
Items a through frepresent the items that an auditor ordinarily would find on a client-prepared bank...
Items a through frepresent the items that an auditor ordinarily would find on a client-prepared bank reconciliation. The accompanying List of Auditing Procedures represents substantive auditing procedures. For each item, select one or more procedures, as indicated, that the auditor most likely would perform to gather evidence in support of that item. The procedures on the list may be selected once, more than once, or not at all. Assume - The client prepared the bank reconciliation on 10/2/X5. • The...
Items 1 through 6 represent the items that an auditor ordinarily would find on a client-prepared...
Items 1 through 6 represent the items that an auditor ordinarily
would find on a client-prepared bank reconciliation. The
accompanying List of Auditing Procedures
represents substantive auditing procedures. For each item, select
one or more procedures, as indicated, that the auditor most likely
would perform to gather evidence in support of that item. The
procedures on the list may be selected once, more than once, or not
at all.
Assume
•
The client
prepared the bank reconciliation on 10/2/X5.
•...
I dont have more information Lasil SuldLIUICHUICES LUKF'S GENERAL STORE Bank Reconciliation Ist National Bank of...
I
dont have more information
Lasil SuldLIUICHUICES LUKF'S GENERAL STORE Bank Reconciliation Ist National Bank of US Bank Asunt September 30, 20X5 T UDJwn in cils below Select 2 Procedures Balance per bank Deposits in transit A B 9/29/XS 1930/XS c D E F of d e Procedures Trace to cash receipts journal Trace to cash disbursements journal o mpare to W30XS peneral ledger C onfirm directly with bank inspect bank credit memo Inspect client's loan agreement with bank Ascertain...
The following client-prepared bank reconciliation is being examined by Mautz, CPA, during an audit of the...
The following client-prepared bank reconciliation is being examined by Mautz, CPA, during an audit of the financial statements of Wolfe Company: Wolfe Company Bank Reconciliation Village Bank Account 2 December 31, 2022 Balance per bank (a $ 18,375.91 Deposits in transit (b) 12/30 $1,471.10 12/31 2,840.69 4,311.79 Subtotal 22,687.70 Outstanding checks (c) 837 6,000.00 1941 671.80 1966 320.00 1984 1,855.42 1985 3,621.22 1987 2,576.89 1991 4,420.88 __419,466.21) Subtotal 3,221.49 NSF check returned 12/29 (d) 200.00 Bank charges (e) 550.00 Error...
options: Obtain the bank reconciliation and trace deposits in transit to the cutoff bank statement....
options:
Obtain the bank reconciliation and trace deposits in transit to
the cutoff bank statement.
Scan the debits to the fixed asset accounts and agree selected
amounts to vendors' invoices and management's authorization.
Compare the details of the cash disbursement journal entries
with totals posted to the general ledger.
Prepare a schedule of interbank transfers.
Physically inspect a sample of fixed assets and trace them to
the fixed asset subsidiary ledger.
Confirm cash balances with the bank.
Examine the...
During the audit of Sunset Building Supply, you are given the following year-end bank reconciliation prepared...
During the audit of Sunset Building Supply, you are given the following year-end bank reconciliation prepared by the client: SUNSET BUILDING SUPPLY Bank Reconciliation December 31 Balance per 12/31 bank statement $ 49,064 Add: Deposits in transit 4,500 $ 53,564 Less: Checks outstanding 20,897 Balance per ledger, 12/31 $ 32,667 According to the client’s accounting records, checks totaling $31,700 were issued between January 1 and January 14 of the following year. You have obtained a cutoff bank statement dated January...
Bank Reconciliation An accounting clerk for Muskegon Co. prepared the following bank reconciliation: Muskegon Co. Bank...
Bank Reconciliation An accounting clerk for Muskegon Co. prepared the following bank reconciliation: Muskegon Co. Bank Reconciliation May 31, 2016 Cash balance according to company's records $6,910 Add: Outstanding checks $3,320 Error by Muskegon Co. in recording Check No. 2219 as $710 instead of $170 540 Note for $10,800 collected by bank, including interest 11,230 15,090 $22,000 $7,030 Deduct: Deposit in transit on May 31 30 7,060 Bank service charges $14,940 Cash balance according to bank statement data in this...
During the audit of Sunset Building Supply, you are given the following year-end bank reconciliation prepared...
During the audit of Sunset Building Supply, you are given the following year-end bank reconciliation prepared by the client: SUNSET BUILDING SUPPLY Bank Reconciliation December 31 Balance per 12/31 bank statement Add: Deposits in transit $ 49,144 4,508 $ 53,652 20,932 $ 32,720 Less: Checks outstanding Balance per ledger, 12/31 According to the client's accounting records, checks totaling $31,752 were issued between January 1 and January 14 of the following year. You have obtained a cutoff bank statement dated January...
Cynthia Company Bank Reconciliation December 31, 2018 Balance per bank 12/31 $ 18,375.91 a Deposits in...
Cynthia Company Bank Reconciliation December 31, 2018 Balance per bank 12/31 $ 18,375.91 a Deposits in Transit 12/30 12/31 $1,471.10 b 2,840.69 b 4,311.79 Outstanding Checks 6/30 837 12/15 1941 12/20 1966 12/21 1984 12/23 1985 12/28 1985 12/30 1991 6,000.00 671.80 320.00 1,855.42 3,621.22c 2,576.89c 4,420.88 C (19,466.21) NSF check returned 12/29 December bank Charges Error in Check 1932, dated 11/20 Customer note collected by bank, 12/21 200.00 d 550.00 e 148.10 f (3,025.00) g Balance per book $...
Bank Reconciliation December 31, 2018 Balance per bank 12/31 $18,375 91 Deposits in Transit 12/30 12/31 $...
Bank Reconciliation December 31, 2018 Balance per bank 12/31 $18,375 91 Deposits in Transit 12/30 12/31 $1,471.10 b 2,840.69 Outstanding Checks 6/30 837 12/15 1941 12/20 1966 12/21 1984 12/23 1985 12/28 1985 12/30 1991 6,000.00 671 80 320.00 1.855.42 3,621 22 2.576.89 4,420.88 (19,466.21) 5000 e NS check returned 12/29 200.00 d December bank Charges Error in Check 1932, dated 11/20 148.10 Customer note collected by bank, 12/21 (3,02500) Balance per book $ 1.094 59 1 Required: Determine which...
Items a through frepresent the items that an auditor ordinarily would find on a client-prepared bank reconciliation. The accompanying List of Auditing Procedures represents substantive auditing procedures. For each item, select one or more procedures, as indicated, that the auditor most likely would perform to gather evidence in support of that item. The procedures on the list may be selected once, more than once, or not at all. Assume - The client prepared the bank reconciliation on 10/2/X5. • The...
Items 1 through 6 represent the items that an auditor ordinarily
would find on a client-prepared bank reconciliation. The
accompanying List of Auditing Procedures
represents substantive auditing procedures. For each item, select
one or more procedures, as indicated, that the auditor most likely
would perform to gather evidence in support of that item. The
procedures on the list may be selected once, more than once, or not
at all.
Assume
•
The client
prepared the bank reconciliation on 10/2/X5.
•...
I
dont have more information
Lasil SuldLIUICHUICES LUKF'S GENERAL STORE Bank Reconciliation Ist National Bank of US Bank Asunt September 30, 20X5 T UDJwn in cils below Select 2 Procedures Balance per bank Deposits in transit A B 9/29/XS 1930/XS c D E F of d e Procedures Trace to cash receipts journal Trace to cash disbursements journal o mpare to W30XS peneral ledger C onfirm directly with bank inspect bank credit memo Inspect client's loan agreement with bank Ascertain...
The following client-prepared bank reconciliation is being examined by Mautz, CPA, during an audit of the financial statements of Wolfe Company: Wolfe Company Bank Reconciliation Village Bank Account 2 December 31, 2022 Balance per bank (a $ 18,375.91 Deposits in transit (b) 12/30 $1,471.10 12/31 2,840.69 4,311.79 Subtotal 22,687.70 Outstanding checks (c) 837 6,000.00 1941 671.80 1966 320.00 1984 1,855.42 1985 3,621.22 1987 2,576.89 1991 4,420.88 __419,466.21) Subtotal 3,221.49 NSF check returned 12/29 (d) 200.00 Bank charges (e) 550.00 Error...
options:
Obtain the bank reconciliation and trace deposits in transit to
the cutoff bank statement.
Scan the debits to the fixed asset accounts and agree selected
amounts to vendors' invoices and management's authorization.
Compare the details of the cash disbursement journal entries
with totals posted to the general ledger.
Prepare a schedule of interbank transfers.
Physically inspect a sample of fixed assets and trace them to
the fixed asset subsidiary ledger.
Confirm cash balances with the bank.
Examine the...
Bank Reconciliation An accounting clerk for Muskegon Co. prepared the following bank reconciliation: Muskegon Co. Bank Reconciliation May 31, 2016 Cash balance according to company's records $6,910 Add: Outstanding checks $3,320 Error by Muskegon Co. in recording Check No. 2219 as $710 instead of $170 540 Note for $10,800 collected by bank, including interest 11,230 15,090 $22,000 $7,030 Deduct: Deposit in transit on May 31 30 7,060 Bank service charges $14,940 Cash balance according to bank statement data in this...
During the audit of Sunset Building Supply, you are given the following year-end bank reconciliation prepared by the client: SUNSET BUILDING SUPPLY Bank Reconciliation December 31 Balance per 12/31 bank statement Add: Deposits in transit $ 49,144 4,508 $ 53,652 20,932 $ 32,720 Less: Checks outstanding Balance per ledger, 12/31 According to the client's accounting records, checks totaling $31,752 were issued between January 1 and January 14 of the following year. You have obtained a cutoff bank statement dated January...
Cynthia Company Bank Reconciliation December 31, 2018 Balance per bank 12/31 $ 18,375.91 a Deposits in Transit 12/30 12/31 $1,471.10 b 2,840.69 b 4,311.79 Outstanding Checks 6/30 837 12/15 1941 12/20 1966 12/21 1984 12/23 1985 12/28 1985 12/30 1991 6,000.00 671.80 320.00 1,855.42 3,621.22c 2,576.89c 4,420.88 C (19,466.21) NSF check returned 12/29 December bank Charges Error in Check 1932, dated 11/20 Customer note collected by bank, 12/21 200.00 d 550.00 e 148.10 f (3,025.00) g Balance per book $...
Bank Reconciliation December 31, 2018 Balance per bank 12/31 $18,375 91 Deposits in Transit 12/30 12/31 $1,471.10 b 2,840.69 Outstanding Checks 6/30 837 12/15 1941 12/20 1966 12/21 1984 12/23 1985 12/28 1985 12/30 1991 6,000.00 671 80 320.00 1.855.42 3,621 22 2.576.89 4,420.88 (19,466.21) 5000 e NS check returned 12/29 200.00 d December bank Charges Error in Check 1932, dated 11/20 148.10 Customer note collected by bank, 12/21 (3,02500) Balance per book $ 1.094 59 1 Required: Determine which...
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