Case 10.5

Jane Doe

ACC412

Seminar 3 – Case 10.5

Reference: E 2

Prepared by: JA

Date: 02/28/09

Reviewed by:

Southeast Shoe Distributor

Expenditure Cycle Audit Program for

Year End Analytical Procedures and Tests of Balances

For the Year Ended December 31, 2008

Audit Procedures | Initial | Date | Ref. |

3. Select a sample of checks issued after year-end and perform the following: | JA | 02/28/09 | E52 |

a. Examine the voucher package and determine if the related payable was properly included or excluded from the year-end vendor ledgers. | KLM | 03/06/12 | E53 |

-------------------------------------------------

Reference: E 10

Prepared by: JA

Date: 02/14/09

Reviewed by:

Southeast Shoe Distributor

Accounts Payable – Lead Schedule

For the Year Ended December 31, 2008

Account | AuditedBalance12/31/07 | UnauditedBalance12/31/08 | Debit | Credit | AdjustedBalance12/31/08 |

Accounts Payable | $453,370√ | $742,704f, GL | $90 | $1779.47 | $744,393.47 |

-------------------------------------------------

Reference: E 11

Prepared by: KLM

Date: 03/06/12

Reviewed by:

Southeast Shoe Distributor

Expenditure Cycle – Proposed Adjusting Entries Schedule

For the Year Ended December 31, 2008

Account | Debit | Credit |

Accounts Payable | $90 | |

Inventory | | $90 |

To adjust the recording of inventory at the wrong amount. | | |

| | |

Inventory | $1008 | |

Accounts Payable | | $1008 |

To record unrecorded purchase. | | |

| | |

Furniture & Fixtures | $771.47 | |

Accounts Payable | | $771.47 |

To record unrecorded inventory purchase. | | |

-------------------------------------------------

Reference: E 53

Prepared by: KLM

Date: 03/06/12

Reviewed by:

Southeast Shoe Distributor

Nonstatistical Tests of Balance...