a. Calculate the sample size for A/R confirmation by following steps in WP 25-2. Sample size* =
Fantastic news! We've Found the answer you've been seeking!
Question:
a. Calculate the sample size for A/R confirmation by following steps in WP 25-2. Sample size* = 57 accounts (round up) Total accounts to be confirmed = 97 accounts
b. Assume that you received answers for all of the confirmations and only one of them indicated that the balance is wrong. The balance recorded is $598,000, but the correct amount is $589,000. Prepare an adjusting entry on WP 25-5.
c. Complete the A/R lead sheet WP 25-1, and complete the conclusions box by stating whether this account is fairly stated or not. (Ignore the allowance for doubtful accounts).
Posted Date: