Reference no: EM133153697
Question - You have been engaged to review the financial statements of Walsh Corporation. While examining the work of the bookkeeper hired during the year that just ended, you noticed a number of irregularities for the past fiscal year:
1. Year-end wages payable of $13,400 were not accrued, because the bookkeeper thought that "it was immaterial."
2. Accrued vacation pay for the year of $34,300 was not recorded, because the bookkeeper "never heard that you had to do it."
3. Insurance that covers a 12-month period and was purchased on November 1 was charged to insurance expense in the amount of $8,820 "because the amount of the cheque is about the same every year."
4. Reported sales revenue for the year was $2,215,500 and included all sales taxes charged for the year. The sales tax rate is 5%. Because the sales tax is forwarded to the provincial ministry of revenue, the bookkeeper thought that "sales tax is a selling expense" and therefore debited the Sales Tax Expense account. At the end of the fiscal year, the balance in the Sales Tax Expense account was $95,800.
Required - Prepare the necessary correcting entries, assuming that Walsh Corporation uses a calendar-year basis and that the books for the fiscal year that just ended are not yet closed.
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