5.5. SR 06-02-2008 - Laserfiche WebLink

Home Browse Search

LJ i L~' 1 Corrected and Uncorrected Misstatematts City of Elk River March 13, 2008 Page 3 Professional standards require us to accumulate all known and likely misstatements identified during the audit, other than tltose that are trivial, and communicate them to the appropriate level of management. Management has con-ected all such misstatements. In total we prepared 3 journal entries, all of which were considered audit adjustments. These entries are necessary fo adjust balances to the proper year end amounts. Adjusting Journal Entries JE # 1 Allocate MV credit -identified by aem, prepared by client 101-000.000-3322 MV Credit 211-000.000-1010 Cash 245-000.000-1010 Cash 312-ODD.000-1010 Cash 331-ODD.000-IOIU Cash 333-000.000-1010 Cash 340-000.000-1010 Cash 401-000.000-1010 Cash 404-000.000-1010 Cash 101-000.000-1010 Cash 211-000.000-3322 MV Credit 24s-000.000-3322 MV Credit 312-000.000-3322 MV Credit 331-000.000-3322 MV Credit 333-000.000-3322 MV Credit 340-000.000-3322 MV Credit 401-000.000-3322 my credit 404-000.000-3322 MV Credit Total Adjustin¢ Jmirnal Entries JE # 2 To record additional AP 924-800.801-4319 Other Professional Services 924-800.801-4623 Bond Issuance Costs 924-000.000-2020 Accounts Payable 924-800.801-4319 Othcr Yrofessional Services Total Adjusting Journal Entries JE # 3 ' To record additional prepaid expense 603-000.000-li50 Prepaid Expenses 603-910.912-4361 Insurance 603-915.912-4361 Insurance Total 952.ft3i.9090 Fax 953.835.3261 ~,~~w.aemcpas.cum Debit Credit $ 61,881 6,225 849 3,SS6 4,891 26,272 I5, li7 809 4,122 $ 61,881 6,225 849 3,ss6 4,89 ] 26,272 15,157 809 4,122 $ 123,762 $ 123,162 $ 25,000 25,000 $ 25,000 zs,ooo $ 50,000 $ 50,000 $ 6,300 $ 4.450 1,850 $ 6,300 S 6,300