You are auditing the accounts receivable for ABC Company as of December 31, 2019 One...

50.1K

Verified Solution

Question

Accounting

You are auditing the accounts receivable for ABC Company as of December 31, 2019 One of your procedures was to send positive confirmations to a sample of 50 accounts. Of those 50 confirmations, 40 have been positively confirmed without comments, 8 had minor differences that have been cleared satisfactorily. Two of the responses had the following comments:

a. We never received these goods.

b. The balance of $1,000 was paid on December 15, 2018.

For each of these comments, identify the steps that you would take to clear (resolve) them.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students