Picard Publishing

1.    How did the change in the journal entries affect the profit of the business at year-end?
2.    Who gained and who lost as a result of these actions?

You should provide specific examples from the company in your report.

The questions you are required to answer are:
1.    Does the recording the transaction in the general journal rather than in the cash payments journal affect the amounts of cash and total expenses reported in the financial statements?
2.    Does this breach any accounting conventions and would/should this be identified by an audit?
3.    Why did Linda White record these expenses in the general journal?
4.    What is the ethical issue in this situation?
5.    What role does accounting play in this situation?
6.    Who are the parties affected by this action?

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