Auditing

Mutschelknaus Manufacturing sold bonds at a discount for $290,000 (discount of $10,000) seven years ago.

(a) The corporation redeems $25,000 of this issue at 97. The unamortized discount is $350.

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(b) The corporation redeems $30,000 of this issue at 99. The unamortized discount is $450.

Prepare journal entries to record the redemption in (a) and (b).

How does an auditor evaluate the control procedures of an automated AIS?

How is the element of uncertainty handled in the audit examination?

Hayley Doll owns a car stereo store. She has divided her store into three departments. Net sales for the month of July are as follows: Deluxe: …….. $33,600Standard: …….. 38,400Economy: ……. 48,000Advertising expense for July was $20,000.

Allocate the advertising expense among the three departments on the basis of relative net sales

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