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What best describes the auditor's responsibility for the client's physical inventory plan?
The auditor has no responsibilities for the plan.
The auditor should review the client's plan to determine if instructions are adequate.
The auditor should prepare the plan and supervise its implementation.
The auditor should conduct the physical inventory plan.
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The company wants to have a minimum of $50,000 cash balance at the end of each quarter and assume cash is borrowed at the beginning of a quarter and repaid at the end of a quarter
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Prepare the adjusting entry necessary as a result of the physical count Account - Description Debit Credit and compute the ending inventory
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