Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 12 Aug 2017 My Price 15.00

Giordani Corporation

points

You are engaged to perform an audit of the Giordani Corporation for the year ended December 31, 2011. You have decided to perform the following cutoff test for payables and accruals: Select all items greater than $25,000 for two business days before and after year-end from the purchases journal and ensure that all transactions are recorded in the proper period.

 

During your firm's observation of Giordani's physical inventory you obtained the following cutoff information: the last receiving report number in 2011 was 49,745. Your audit work identified the following items for further investigation:

 

Selection from the December 2011 Purchase Journal
  Date RR# Vendor Name Amount Explanation
a. 12/30 49,742 Allen Chem. $ 29,875

Chemicals purchased for manufacturing process.
b. 12/31 none Khan Consulting $ 45,000

Payment for consulting services for the three-month period beginning December 1, 2011. The $45,000 was charged to consulting expenses.
c. 12/31 49,742 Goff Materials $ 205,000

Raw materials used in the manufacturing process.

 

Selections from the January 2012 Purchase Journal
  Date RR# Vendor Name Amount Explanation
d. 1/01 49,746 Temper Trucks $ 75,985

Purchase of a new forklift.
e. 1/02 49,743 Pack Products $ 42,000

Paper products used in manufacturing process.
f. 1/02 none Telecom Inc. $ 32,450

December 2011 telephone bill.

 

Required:

For each of the six items provided in the table above, consider whether there is evidence of proper cutoff of payables and accruals (i.e., the transaction is recorded in the proper period). If the item is not properly recorded, prepare the necessary adjusting entries at December 31, 2011. (In cases where no entry is required, please select the option "No journal entry required" for your answer to grade correctly. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)

 

  General Journal Debit Credit
a. (Click to select) Supplies Accounts receivable Accrued expenses No journal entry required Telephone expense Prepaid consulting expenses Consulting expenses Accounts payable    
  (Click to select) Prepaid consulting expenses Accounts payable Consulting expenses Telephone expense Accounts receivable Accrued expenses No journal entry required Supplies    
       
b. (Click to select) Telephone expense No journal entry required Prepaid consulting expenses Consulting expenses Accounts payable Supplies Accrued expenses Accounts receivable    
  (Click to select) Prepaid consulting expenses Telephone expense Accounts receivable Supplies No journal entry required Consulting expenses Accrued expenses Accounts payable    
       
c. (Click to select) Telephone expense Prepaid consulting expenses Accounts payable Accrued expenses No journal entry required Consulting expenses Supplies Accounts receivable    
  (Click to select) Consulting expenses Accrued expenses Prepaid consulting expenses Supplies Accounts payable No journal entry required Accounts receivable Telephone expense    
       
d. (Click to select) Telephone expense Consulting expenses No journal entry required Accounts payable Supplies Prepaid consulting expenses Accounts receivable Accrued expenses    
  (Click to select) Accounts payable Prepaid consulting expenses No journal entry required Telephone expense Accrued expenses Supplies Consulting expenses Accounts receivable    
       
e. (Click to select) Telephone expense Accounts payable Accrued expenses No journal entry required Accounts receivable Prepaid consulting expenses Supplies Consulting expenses    
  (Click to select) Accounts payable Prepaid consulting expenses Consulting expenses Accounts receivable Telephone expense No journal entry required Supplies Accrued expenses    
       
f. (Click to select) Accrued expenses Supplies Accounts payable Telephone expense No journal entry required Accounts receivable Consulting expenses Prepaid consulting expenses    
  (Click to select) Supplies Prepaid consulting expenses Accounts payable Telephone expense Accounts receivable Consulting expenses No journal entry required Accrued expenses

 

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Aug 2017 01:08 AM My Price 15.00

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