Assume you are the senior accountant on an audit engagement of a fictitious business, Pine Street Company (PSC). Assume the instructor is the engagement partner. You are to prepare a audit program for PSC. The firm manufactures and sells bicycles. The audit program must be in one of the following areas of the business: accounts receivable and revenues; inventories and costs of goods sold; accounts payable; payroll; or property, plant and equipment. Week 2 - Identify the components/sections of a cash audit program for PSC. Date General Journal Debit Credit Merchandise Inventory : $5,900 Account Payable Johns $5,900 Merchandise Inventory $330 Cash $330 Account Payable Johns $900 Merchandise Inventory $900 Account Payable Johns $5,000 Cash $4,900 Merchandise Inventory $100 Merchandise Inventory $ 12,250 Account Payable Johns $12,250 Account Payable Johns $3,250 Merchandise Inventory $3,250 Account Payable Johns $9,000 Cash $8,820 Merchandise Inventory $180
Hi, I have an assignment and I was asked to the audit
Assume you are the senior accountant on an audit engagement of a fictitious business, Pine Street Company (PSC). Assume the instructor is the engagement partner. You are to prepare a audit program for PSC. The firm manufactures and sells bicycles. The audit program must be in one of the following areas of the business: accounts receivable and revenues; inventories and costs of goods sold; accounts payable; payroll; or property, plant and equipment.
Week 2 - Identify the components/sections of a cash audit program for PSC.
Date General Journal Debit Credit
Merchandise Inventory : $5,900
Account Payable Johns $5,900
Merchandise Inventory $330
Cash $330
Account Payable Johns $900
Merchandise Inventory $900
Account Payable Johns $5,000
Cash $4,900
Merchandise Inventory $100
Merchandise Inventory $ 12,250
Account Payable Johns $12,250
Account Payable Johns $3,250
Merchandise Inventory $3,250
Account Payable Johns $9,000
Cash $8,820
Merchandise Inventory $180
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
