Refer to the information in E18-17. Required 1. Prepare the 2007 journal entries for the Winger Company.

Question:

Refer to the information in E18-17.
Required
1. Prepare the 2007 journal entries for the Winger Company.
2. What amount related to the consignment activities, and in what category, would the company report on its on December 31, 2007?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...