22. For Tickmark A, the audit team would most likely document that they. . .

. . . agreed values to returned positive AR confirmations sent to the customer by the auditor.

. . . agreed values to returned positive AR confirmations sent to the customer by the client.

. . . agreed values to returned negative AR confirmations sent to the customer by the auditor.

. .. . .agreed vales to the trial balance.

23.Awkward-in-Austin failed to return the AR confirmation. For Tickmark B, the audit team would most likely document that they. . ..

. . . examined related invoices and shipping documents to verify existence of sale.

. . . immediately reversed sale.

. . . inquired with management as to existence of sale.

. . . did not perform any additional testing related to this transaction.

24.The AR confirmation from Boomer Sooner claimed they owed $100,000 less because they paid $100,000 of their balance. The check from Boomer Sooner was sent on 1/6 and deposited on 1/9. For Tickmark C, the audit team would most likely document the conclusion that. . .

. . . an adjusting entry is necessary. Credit AR by $100,000.

. . . an adjusting entry is necessary. Debit Sales by $100,000.

. . . an adjusting entry is necessary. Adjust Allowance for Doubtful Accounts by $100,000.

. . . no adjusting entry necessary; AR was fairly stated as of 12/31.

25.The AR confirmation from Best Professor Ever, LLC returned showing $30,000 less than the client had recorded because $30,000 in inventory shipped on December 28 did not arrive until January 5. The shipping terms are FOB shipping point. For Tickmark D, the audit team would most likely document that they. . .

. . . concluded that an error exists and that an adjustment is required.

. . . concluded that an error exists but that no adjustment is required because the amount is immaterial.

. . . concluded that no error exists and no adjusting entry is needed.

. . . did not perform any additional testing related to this transaction.

26.Independent of all answers provided above, assume you conclude that all differences totaling $656,004 are errors. Which of the following represents the amount by which accounts receivable is misstated?

$656,004

Likely some amount less than $656,004

Likely some amount more than $656,004

None of these