Financial Analysis
Compilation Report
I (We) have compiled an accompanying Statement of Financial Performance and Statement of Financial Position as of (at) June 30, XXXX, in accordance with the Statements of Standards (Putra, 2012) and Review Services issued by the American Institute of Certified Public Accountants. A compilation is limited to presenting in the form of financial statement information that is the representation of management (owners). I (We) have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or other form of assurance on them (Putra, 2009).
The sale of the appliance is recorded by transaction date in the general ledger, cash receipts journal, sales journal, and have a dated cash register receipt and sales receipt. The general ledger has a debit of cash for $800 and a credit to sales for $800. Transactions are recorded by the Accounts Receivable Clerk and verified and checked for accuracy by an Accountant. The payment to the sales employee has a bank cancelled check and is recorded on the employee earnings card, the payroll journal, cash payment journal, and the general ledger has a debit to payroll expense for $400 and a credit to cash for $400. The transaction is recorded by the Accounts Payable Clerk and verified for accuracy by an Accountant. The depreciation expense is figured by an Accountant, recorded in the general ledger with a debit to Equipment for $200 and a credit to Accumulated Depreciation for $200. The transaction is verified by the CPA. The purchase of the second hand plant is recorded by the Accounts Payable Clerk in the general journal, accounts payable journal, and the general asset journal. The general ledger is debited to Plant & Equipment for $6,000 and credited to Accounts Payable for $6,000. The transaction is verified for accuracy by an Accountant. The purchase of appliance spare parts is general ledger with a debit to Stock for $500 and a credit to Accounts Payable for $500. The transaction is verified by an Accountant for accuracy. All transactions of the corresponding entries are recorded in the General Ledger and the individual account ledgers.
5.1 Sales Policy Jan 1, XXXX
All sales should have a corresponding numbered cash register receipt and sales invoice that states the customer name, date, terms (cash, credit, etc.), product description, amounts, etc. Sales should be recorded...
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