You are auditing general cash for a company for the fiscal year

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You are auditing general cash for a company for the fiscal year

You are auditing general cash for a company for the fiscal year ended September 30, 2014. The client has not prepared the September 30 bank reconciliation,. After a brief discussion with the owner, you agree to prepare the reconciliation with the assistance from one the company’s clerks. You obtain the following information: (30 points)General LedgerBank StatementBeginning balance 9/1/14$15,000$17,800Deposits$31,051Cash receipts journal$33,330Check cleared(30,309)Cash disbursements journal($27,101)September bank service charge(150)Note paid directly(8,000)NSF check(950)Ending balance 9/30/14$21,229$9,442August 30 Bank ReconciliationInformation in General ledger and bank statementBalance per bank$17,800Deposit in transit1,200Outstanding check4,000Balance per book$15,000Additional information obtained is as follows:Check clearing that were outstanding on August 30 total $3,820Check clearing that were recorded in the September disbursement journal total $25,239A check for $500 cleared the bank but had not been recorded in the cash disbursements journal. It was for an acquisition for inventory. The company uses the periodic-inventory method.A check for $750 was charged to the company but had been written on a different company’s bank account.Deposit included $1,200 from August and $29,851 for September.The bank charged the company account for nonsufficient check totaling $950. The credit manager concluded that customer intentionally closed its account and the owner left the city. The check was turned over to collection agency.A note for $7,500, plus interest was paid directly to the bank under an agreement singed five month ago. The note payable was recorded at $ 7,500 on the company’s books.Required:Prepared a bank reconciliation that shows both the unadjusted and adjusted balance per books.Prepare all adjusting entriesBelow are 3 audit procedures commonly performed during an audit: (20 points)Read the client’s physical inventory instruction and observe whether they are being followed by those responsible for counting the inventory.Compare the client’s count of physical inventory at an interim date with the perpetual inventory master file.Account for a sequence of raw material requisitions and examine each requisition for an authorized approval.Required:For each procedure, identify which of the following is it:Test of controlSubstantive test of transactions.For those procedures, identify, what transaction-related audit objective or objectives are being satisfied?ProceduresType of TestObjective(s)1.Read the client’s physical inventory instruction and observe whether they are being followed by those responsible for counting the inventory2.Compare the client’s count of physical inventory at an interim date with the perpetual inventory master file.3.Account for a sequence of raw material requisitions and examine each requisition for an authorized approval.3. Distinguish between Prepayments and Accruals (10 points)