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Problem 24 and 26 Solutions - Auditing Problems 6-24 and...

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Auditing Problems 6-24 and 6-26 Solutions 6-24 CYCLE BALANCE SHEET ACCOUNTS INCOME STATEMENT ACCOUNTS SALES AND COLLECTION Accounts receivable Cash Notes receivable--trade Allowance for doubtful accounts Interest receivable Sales Bad debt expense Interest income ACQUISITION AND PAYMENT Income tax payable Accounts payable Unexpired insurance Furniture and equipment Cash Accumulated depreciation of furniture and equipment Inventory Property tax payable Income tax expense Advertising expense Travel expense Purchases Property tax expense Depreciation expense— furniture and equipment Telephone and fax expense Insurance expense Rent expense PAYROLL AND PERSONNEL Cash Accrued sales salaries Sales salaries expense Salaries, office and general INVENTORY AND WAREHOUSING Inventory Purchases CAPITAL ACQUISITION AND REPAYMENT Bonds payable Common stock Cash Notes payable Retained earnings Prepaid interest expense Interest expense
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6-26 SPECIFIC BALANCE- RELATED AUDIT OBJECTIVE MANAGEMENT ASSERTION
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