ACC 407 Week 1 Assignment 2.2, 3.2, 3.7
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ACC 407 Week 1 Assignment 2.2, 3.2, 3.7
Part One.
Review the financial information pertaining to Gee & Hawe LLP in problem 2.2 on pages 65 and 66 of your text. Prepare journal entries for Gee, Haw & Ivan LLP to record the following (including supporting computations in the explanations for the entries):
-
The admission of Ivan to the partnership on January 2, 2005.
- The partners salaries, bonus, and division of net income for the year ended December 31, 2005.
Part Two:
Review the financial information pertaining to Hay & Lee LLP in problem 3.7 on pages 117 and 118 of your text. Prepare journal entries for Haye & Lee LL to record the transactions detailed on pages 117 and 118 (including supporting computations in the explanations for the entries). Disregard interest on the bonds on Wong products.
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