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Question - Case - You are auditing accounts payable for Young Pty Ltd (Young), a whitegoods wholesaler, for the year ending on June 30th 20X1. All of Young's contracts with suppliers require payment in full by the end of the month following the month in which the purchase was made. The audit program requires that you test for the completeness of accounts payable. Accordingly, your assistant inspects Young's Cash Payments Journal for the month of July 20X1, and provides you with the following record of payments to creditors.
Date Paid
Name of Creditor
Amount Paid
12/07/20X1
Labrina Pty Ltd
$33,000
16/07/20X1
North Pty Ltd
$22,000
20/07/20X1
LeFevre Pty Ltd
$16,000
31/07/20X1
Archer Pty Ltd
$24,000
REQUIRED -
(i) What do you do with this information?
(ii) What is the name of the test you have undertaken?
(iii) Outline the principle on which you have relied when performing this test.
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