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ACC 305 Week 3 P7-10, P7-14
ACC 305 Week 3 P7-10, P7-14
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  • ACC 305 - Week 3 - P7 10.doc
  • ACC 305 - Week 3 - P7 14 (Page 389) El Gato Painting Company.xls

ACC 305 Week 3 P7-10, P7-14

Problem 7-10 p. 388 - Evergreen Company 

Evergreen Company sells lawn and garden products to wholesalers. The company’s fiscal year-end is December 31. During 2011, the following transactions related to receivables occurred:

Required:

1.    Prepare the necessary journal entries for Evergreen for each of the above dates. For transactions involving the sale of merchandise, ignore the entry for the cost of goods sold (round all calculations to the nearest dollar).

2.    Prepare any necessary adjusting entries at December 31, 2011. Adjusting entries are only recorded at year- end (round all calculations to the nearest dollar).

3.    Prepare a schedule showing the effect of the journal entries in requirements 1 and 2 on 2011 income before taxes.


Problem 7-14 p. 389 - El Gato Painting Company

El Gato Painting Company maintains a checking account at American Bank. Bank statements are prepared at the end of each month. The November 30, 2011, reconciliation of the bank balance is as follows:

Required:

1.    Prepare a bank reconciliation for the El Gato checking account at December 31, 2011.

2.     Prepare any necessary adjusting journal entries indicated.

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