Below is a statement reconciling the balance on Young’s payable sub-ledger to the balance on one of their supplier’s statements.
Balance per Young’s subledger $ 8,145
Inv #23430 – note 1 3,500
Inv #20820 – note 2 630
Payment – note 3 4,355
Balance per supplier statement 16,630
(1) Inv#23430 is included on the supplier’s statement, but Young does not have it included in the sub-ledger
(2) Inv#20820 is listed as $4,180 on Young’s sub-ledger and listed as $4,810 on the supplier’s statement
(3) This payment is included on Young’s subledger, but is not included on the supplier’s statement.
Required: Describe the audit work you will carry out on each of the reconciling items to determine the balance that should be included in Young’s accounts payable on their financial statements.