Note: This Is A Two-Part Assignment; Both Parts Need 845498

Note This Is A Two Part Assignment Both Parts Need To Be Submitted F

Note: This is a two part assignment; both parts need to be submitted for grading. The Bank Reconciliation Review the transactions and financial position of Gooseberry Inc. for May 31 in the Excel Template. Requirements: Prepare the bank reconciliation. Prepare the journal entries. The Allowance Method and Notes Receivable Review the transactions and financial position of Outfitters Supply Co. in the Excel Template. Requirements: Journalize the transactions, omitting explanations. Submit your completed assignment to the drop box below. Please check the Course Calendar for specific due dates. Save your assignment as an Excel document. (Mac users, please remember to append the ".xlsx" extension to the filename.) The name of the file should be your first initial and last name, followed by an underscore and the name of the assignment, and an underscore and the date. An example is shown below: Jstudent_exampleproblem_101504 Need Help? Click here for complete drop box instructions.

Paper For Above instruction

Introduction

This paper addresses a comprehensive accounting assignment involving two distinct components: bank reconciliation and journal entries for Gooseberry Inc., and journalizing transactions related to the Allowance Method and Notes Receivable for Outfitters Supply Co. Both parts are critical for accurate financial reporting and internal control, adhering to standard accounting practices and principles (Kieso, Weygandt, & Warfield, 2020).

Part 1: Bank Reconciliation and Journal Preparation for Gooseberry Inc.

The first component involves preparing a bank reconciliation for Gooseberry Inc. as of May 31. Bank reconciliations are essential procedures that reconcile the bank statement balance with the company's ledger balance, accounting for timing differences, errors, and outstanding items (Weygandt, Kimmel, & Kieso, 2018). The process begins with reviewing the transactions recorded in the company's books and comparing them with the bank statement. Common items to reconcile include outstanding checks, deposits in transit, bank errors, and bank service charges.

Once the reconciliation is complete, the next step is to prepare journal entries based on the findings. These entries may include recording bank charges, interest income, or correcting errors identified during the reconciliation process (Graham, 2021). Ensuring these journal entries are accurate and complete maintains the integrity of financial statements and reflects true financial position.

Part 2: Allowance Method and Notes Receivable for Outfitters Supply Co.

The second component requires reviewing the transactions of Outfitters Supply Co., focusing on accounting for receivables. The allowance method is a common practice to account for doubtful accounts, aligning with the matching principle by estimating uncollectible accounts (Miller & Rice, 2019). Journalizing transactions under this method involves recording bad debt expense and adjusting the allowance for doubtful accounts based on estimated uncollectibility.

Additionally, the assignment requires journalizing transactions related to notes receivable, including issuing notes, accrue interest, and recording collections (Seidman & Mirza, 2021). Properly journalizing these transactions ensures accurate tracking of receivable balances and interest income, critical for reporting assets and revenues correctly.

Conclusion

This assignment emphasizes key accounting processes that uphold financial accuracy and transparency. Both bank reconciliation and journal entries are fundamental components of internal control and financial statement accuracy. Proper application of the allowance method and handling of notes receivable further enhance the company's ability to manage receivables prudently. Accurate recording and reconciliation of these elements support reliable financial reporting and compliance with accounting standards.

References

Graham, J. R. (2021). Accounting Principles for Managers. Pearson.

Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2020). Intermediate Accounting (16th ed.). Wiley.

Miller, D., & Rice, S. (2019). Accounting for Doubtful Accounts. McGraw-Hill Education.

Seidman, S., & Mirza, A. (2021). Notes Receivable and Related Transactions. Routledge.

Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2018). Financial Accounting (10th ed.). Wiley.