problem 4. working paper is required following the table below

problem 2. necessary adjusting entries

problem 3. Identify the assertion that each audit procedure would test

Problem 2: Sales Cut-alt Examination You have been asked to audit the records of Hinata Manufacturing Company a small manufacturer of precision tools and machines. for the year-ended December at. 2019. Your examination of sales transactions revealed among others the following: 1. Some machines have been shipped on consignment to Hinata's regular dealers. These transactions have been recorded as ordinary sales and billed as such. As of December 51. 21519. the machines billed and in the hands of cansignees amounted to PiGDDDD. Sales price was determined by adding 3595 to cost. 2. Cn December at. 24:19. two machines were shipped to a customer on FOE: shipping point basis. The sale was entered in the records on January 5. 25210 when cash was received in the amount of moose. 3. The inventory as of December 31. 2019 included goods sold during November. 201'? for P5500 but returned on December 15. 24:19. No entry has been made to adjust the customer's account for the goods returned. The goods were included at selling price which was 155% of cost. Requhed: As auditor of Hinata Manufacturing Company. what adjusting entries would you recommend relative to the above ndings? {to points] Problem 5: Inventory The following are audit procedures related to inventory: 1. Conrm inventory stored in public warehouses. 2. Foot the inventory listing. 3. Tour the inventory area to determine that all inventory items have been tagged. 4. Test perpetual records for inventory. using recards-to-floor and flaor-ta-recards tests. 5. Review the client's written inventory procedures. Required: lderrltfy the assertion that eaoh audit procedure would test? {5 points]