Homework 10 - Homework 10 Confirmation 5 I would trace the...

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Homework 10 Confirmation 5: I would trace the reported payments to the cash records. If the payment was posted to the wrong account, then an adjusting journal entry must be made. The audited value of the account would then have a zero balance. Confirmation 22: I would pull the contract from the sales department and verify that there is a clause that voids the contract if the order fails to ship by a set deadline. I would also interview the sales person in regards to the details of the contract. I would also verify, through the shipping documents, that the order was not shipped. If the company still did not ship the product and the contract allows, an adjusting entry must be made to the customer’s account. The audited value of the account would then have a zero balance. Confirmation 47: The customer failed to accurately verify their account balance. If the customer is reliable and has a positive payment history, then the account balance on the books should be regarded as accurate. The audited value of the account would then be $22,000.
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