Nancy Howe, your staff assistant on the April 30, 20X2, audit of Wilcox Company,

Question

Nancy Howe, your staff assistant on the April 30, 20X2, audit of Wilcox Company, was transferred to another audit engagement before she could complete the audit of unrecorded accounts payable. Her working paper, which you have reviewed and are satisfied is complete, appears below.

Required: Prepare a proposed adjusting journal entry for the unrecorded accounts payable of Wilcox Company at April 30, 20X2. The amounts are material. (Do not deal with income taxes.)

Wilcox Company Unrecorded Accounts Payable April 30, 20X2 Invoice Date Vendor Description Amount Hill & Harper legal fees at Apr. 30 X2 Apr. 1, X2 Dres insurance agency unpaid premium on fire 1000 insurance for period April 1, X2 - March 31, X2 Apr. 30, X2 Mays and Sage, Stockbrokers advise for 100 shares 1800 of Madison Ltd. Common stock Lane Company-Shipment received Apr 30, X2 2125 per reciever no. 3361 and included in Apr. 30, X2, physical inventory; invoice not yet received 5863 10788 In my opinionm the $10,788 adjustment includes all material unrecorded accounts payables.

Explanation / Answer

Dr unpaid premium 1000

Cr Accounts payable 1000

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