The following sales were selected for a cutoff test of Genius Monitors, Inc., for the December 31,
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The following sales were selected for a cutoff test of Genius Monitors, Inc., for the December 31, 2007financial statements. All sales are credit sales and are FOB shipping point. They are recorded on the billing date.
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Required
a. What adjusting journal entries, if any, would you make for each of these items? (Do not consider the inventory implications of this cutoff.)
b. What complications do shipping terms of FOB destination create?
c. Under what circumstances might an auditor accept sales that are recorded when shipped, even though they are shipped FOBdestination?
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a Accounts Receivable 25390 Sales 25390 To record sales invoice 36591 this was shipped in 2007 but n...View the full answer
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