What is the account and assertion that impacted

Reference no: EM132721793

Question - You are engaged in the year-end audit of Raintree Distribution Inc. Raintree sells magazines to newsstands and other retailers with a one-month right of return. For example, a retailer can return magazines that are sold in December to Raintree for a full refund until the end of January of the next year. Raintree's year end is December 31. On average, the amount of returns is considered material.

Required -

1: What is the risk for the financial statement?

2: What is the account and assertion that impacted?

3: What is the procedure to perform?

Reference no: EM132721793

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