Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Evergreen company sells lawn and garden products to wholesalers

13/10/2021 Client: muhammad11 Deadline: 2 Day

Evergreen Company Sells Lawn And Garden Products To Wholesalers.

Week Three Assignment Intermediate I

P7-10 Miscellaneous receivable transactions

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:

Feb. 28 Sold merchandise to Lennox, Inc. for 10,000 and accepted a 10%, 7-month note. 10% is an appropriate rate for this type of note.

Mar. 31 Sold merchandise to Maddox Co. and accepted a noninterest-bearing note with a discount rate of 10%. The 8,000 payment is due on March 31,2012.

Apr. 3 Sold merchandise to Carr Co. for 7,000 with terms 2/10, n/30. Evergreen uses the gross method to account for cash discounts.

11 Collected the entire amount due from Carr Co.

17 A customer returned merchandise costing 3,200. Evergreen reduced the customer’s receivable balance by 5,000, the sales price of the merchandise. Sales returns are recorded by the company as they occur.

30 Transferred receivables of 50,000 to a factor without recourse. The factor charged Evergreen a 1% finance charge on the receivables transferred. The sale criteria are met.

June 30 Discounted the Lennox, Inc. note at the bank. The bank’s discount rate is 12%. The note was discounted without recourse.

Aug. 31 Lennox, Inc. paid the note amount plus interest to the bank.

Required:

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

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.

P 7-14 Bank Reconciliation and adjusting entries

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:

Balance per bank, November 30

Add: Deposits outstanding 3,231

Less: Checks outstanding 1,200

#363 123

#365 201

#380 56

#381 86

#382 340

Adjusted balance per bank, November 30 (806)

3,625

The company’s general ledger checking account showed the following for December:

Balance, December 1 3,625

Receipts 42,650

Disbursements (41,853)

Balance, December 31 4,422

The December bank statement contained the following information:

Balance, December 1 3,231

Deposits 43,000

Checks processed (41,918)

Service charges (22)

NSF checks (440)

Balance, December 31 3,851

The checks that were processed by the bank in December include all of the outstanding checks at the end of November except for check #365. In addition, there are some December checks that had not been processed by the bank by the end of the month. Also, you discover that check #411 for $320.00 was correctly recorded by the bank but was incorrectly recorded on the books as a $230 disbursement for advertising expense. Included in the bank’s deposit is a $1,300 deposit incorrectly credited to the company’s account. The deposit should have been posted to the credit of the Los Gatos Company. The NSF checks have no ben redeposited and the company will seek payment from the customers involved.

Required:

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

2. Prepare any necessary adjusting journal entries indicated.

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Assignment Guru
Assignment Helper
University Coursework Help
Custom Coursework Service
Exam Attempter
Helping Hand
Writer Writer Name Offer Chat
Assignment Guru

ONLINE

Assignment Guru

Being a Ph.D. in the Business field, I have been doing academic writing for the past 7 years and have a good command over writing research papers, essay, dissertations and all kinds of academic writing and proofreading.

$37 Chat With Writer
Assignment Helper

ONLINE

Assignment Helper

I have done dissertations, thesis, reports related to these topics, and I cover all the CHAPTERS accordingly and provide proper updates on the project.

$21 Chat With Writer
University Coursework Help

ONLINE

University Coursework Help

This project is my strength and I can fulfill your requirements properly within your given deadline. I always give plagiarism-free work to my clients at very competitive prices.

$45 Chat With Writer
Custom Coursework Service

ONLINE

Custom Coursework Service

This project is my strength and I can fulfill your requirements properly within your given deadline. I always give plagiarism-free work to my clients at very competitive prices.

$44 Chat With Writer
Exam Attempter

ONLINE

Exam Attempter

As an experienced writer, I have extensive experience in business writing, report writing, business profile writing, writing business reports and business plans for my clients.

$45 Chat With Writer
Helping Hand

ONLINE

Helping Hand

I have read your project details and I can provide you QUALITY WORK within your given timeline and budget.

$49 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Valley of the gods hawaii - Gps and gsm based vehicle tracking system using arduino code - What if analysis in excel 2003 - Skill set 1 - Structure of a flower - 86 main street kempton - Ancient china geography challenge - Mini cooper fault code 2f1a - What does tertiary source mean - Mm capital structure theory pdf - Credit by assessment rasmussen - Engineering in the water environment good practice guide - Canton and hall daytripper watch review - Ap biology study notes - EH Week2 DB - Temporary Structures - Research methods 135 - Need a response to 2 post - Journey of magi essay - Writing a podcast script - Economics - Linux implementation proposal - Sample church treasurer report - Environmental systems unit 1 test - Rio salado chm 130 midterm answers - Literature for composition 11th edition pdf - Are whales vertebrates or invertebrates - Business ethics william shaw 9th edition - Spiritual needs assessment interview questions - Costco wholesale corporation mission business model and strategy - Nameless ghoul - air/wind musician - Gift of friendship quotes - Pledge Assignment - How to retire a product in capsim - Harlem children's zone case study analysis - Uncle bens risotto discontinued - What reports are available on aetna's producer world quizlet - Prepare the current assets section of the balance sheet - Assignment on financial statement ratio analysis - The accounting process involves all of the following except - Test and tag training geelong - 04.03 the decision assessment - South bank university nursing maths test - A clean well lighted place mla citation - Domestic violence self assessment tool - External and Internal Environments - Hoban recruitment candidate login - 2 14 alluring court jimboomba - Cisco monitor with camera - R vs python pros and cons - Physics vcaa formula sheet - The saddle club books australia - Research Current Legal Rulings - CASE STUDY: Mrs. J is repeatedly asking for a nurse; other patients are complaining, and you simply cannot be available to Mrs. J for long periods. Considering the setting and the OBRA guidelines, what would you do to manage the situation? - Bellman & symfon ear plugs - Keeping under god in the pledge - Hho dry cell wikipedia - Week 5 Discussion - Anglia ruskin university evision - CIS 348 Assignment 2: COPA and CIPA - Answer EACH of the discussion questions in well-developed paragraphs. - Security - Umuc math 107 final exam answers - Monash hurdle requirement 2021 - What is the forecast for may using a four-month moving average? - Bendigo woolen mills geelong - Coca cola company overview ppt - 19 galahad crescent glen waverley - Helm's white racial identity development model - Section 248b corporations act - Easynews global search 2.0 - What is the pillow method - Health management - Simple logistic regression spss - Ballycastle silvercliffs holiday village - The regal cycle company manufactures three - 1870 in roman numerals - Information overload can be reduced by course hero - One plastic bag picture book - Task order proposal template - Tattenhall park primary school - Hr case study scenarios worksheet answers - Acfi answer appraisal pack - Changing ways of life - Grand canyon university student teaching requirements - Family centered health promotion strategies - Nissan competitive advantage using operations management - Collins ks3 science pupil book 3 answers - Spenser sonnet 67 analysis - Preliminary Care Coordination Plan - Cmu two factor authentication - Orientation to the counseling profession 3rd edition - Refer to the following table for waxwania - How to calculate acp - Hodges and tizard study - Flinders reef moreton bay - The day of mourning 1938 - Week 6 World religion - Assignment 4 personal development reflection - A long rectangular copper bar under a tensile load