Record the accounting transaction and then the audit procedures for the economic event described.Also include a discussion
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Record the accounting transaction and then the audit procedures for the economic event described. Also include a discussion of any high risk audit areas.
On 3/14/20, the FCOB purchased 22 Sony monitors for $1,290 each, on account. Sony’sfiscal year end is March 31. Included in the sale price is a free 3-year extended service warranty package valued at $105 per monitor. Sony has a 31% gross profit percentage.
1.a What is the Accounting Transaction at Date of Sale?
1.b What are the Audit Procedures?
Related Book For
Business Statistics A Decision Making Approach
ISBN: 9780133021844
9th Edition
Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry
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