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    Audit of Receivable Solution Set p2

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    Germa Cosep

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    © All Rights Reserved
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    Audit of Receivable Solution Set p2

    Uploaded by

    Germa Cosep
    1 views5 pages

    Copyright

    © © All Rights Reserved

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    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    1 views5 pages

    Audit of Receivable Solution Set p2

    Uploaded by

    Germa Cosep

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 5

    PROBLEM NO.

    1 Accounts Receivable - GL Balance 848,000.00


    Add: Accounts with credit balance 26,000.00
    Deduct: Accounts Written Off (48,000.00)
    Deduct: Unlocated Difference (8,000.00)
    Adjusted Balance of A/R 818,000.00

    Accounts Receivable - SL Balance 840,000.00


    Add: Accounts with Credit balance 26,000.00
    Deduct: Accounts Written Off (48,000.00)
    Adjusted Balance of A/R 818,000.00

    2 Under one month 360,000.00 1% 3,600.00


    One to six months 354,000.00 2% 7,080.00
    Over six months 24,000.00 50% 12,000.00
    80,000.00 10% 8,000.00
    Allowance for Doubtful Accounts - 12/31/2021 30,680.00

    3 Allowance for Doubtful Accounts


    Write-off 16,000.00 20,000.00 Beginning
    Write-off 48,000.00 48,000.00 Provision 74,680.00 Doubtful Accounts Expense

    30,680.00 26,680.00 Additional Provision


    94,680.00 94,680.00
    Write-off
    DR: ADA Provision:
    CR: AR Doubtful Accounts Expense
    ADA
    PROBLEM NO. 8

    1 Per Audit
    Current 4,067,320.00
    31-60 Days 402,440.00
    61-90 Days 267,320.00
    91 days and over 898,620.00
    Collection (1,092,800.00)
    Accounts Written-Off (168,000.00)
    Trade A/R - Gross 4,374,900.00

    2 Per Audit
    Current 2,974,520.00 2% 59,490.00
    31-60 Days 402,440.00 5% 20,122.00
    61-90 Days 267,320.00 10% 26,732.00
    91 days and over 730,620.00 30% 219,186.00
    Trade A/R - Gross 4,374,900.00 325,530.00
    -
    3 Allowance for Doubtful Accounts
    Write-off 4,164,370.00 1,020,000.00 Beginning
    Write-off 168,000.00 3,425,625.00 Provision
    Accounts Expense 212,275.00 Additional Provision

    325,530.00 ADA - end


    PROBLEM NO. 9

    1 Jan
    Sales Return and Allowances
    Accounts Receivable

    Riazon
    No entry

    Walter
    No entry

    Apryl
    Sales
    Accounts Receivable

    ADA - end Mae Transport


    Accounts Receivable - NonTrade
    Accounts Receivable

    Steve
    3,637,900.00 Doubtful Accounts Expense Cash
    Accounts Receivable

    Vangie
    No entry

    Lorna Co
    No entry

    Joel Corp
    No entry

    2 Total AR balance before adjustment


    Jan
    Apryl
    Mae Transport
    Steve
    Total AR - Trade - Adjusted
    2,300.00
    2,300.00

    1,000.00
    1,000.00

    4,000.00
    4,000.00

    3,100.00
    3,100.00

    re adjustment 50,500.00
    (2,300.00)
    (1,000.00)
    (4,000.00)
    (3,100.00)
    40,100.00
    Allowance for Doubtful Accounts

    Methods:
    Aging of AR Ending Balance of ADA
    Percentage of AR Ending Balance of ADA
    Percentage of Sales Doubtful Accounts Expense/Bad Debts Expense

    ADA
    Write-off Beg.
    DAE
    Ending

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