Required COURSE Materials: Wheeling, Introduction to Agricultural Accounting, 2008 ISBN or Printed Copy version: ISBN: 9780840172686

7-2 - Prepare a bank reconciliation for the Farmers from the April bank statement and cash account below. 7-3 - Using the following information, calculate the bad debt adjustment and the net accounts receivable. Then record the adjustment in a journal entry for Accounts Receivable. Suppose that the Farmers determined that accounts receivable at the end of 204 were $10,800. Steve and Chris decide to be conservative and adjust their account receivable for bad debts. They decide to use an estimate of .5 percent of the accounts receivable amount as the percentage of bad debts. Accounts receivable at the end of 203 was $12,500. 7-4 - Classify the following inventory items and designate the valuation method for each: net realizable value (NRV), lower of cost or market (LCM), or cost (C). Raised feeder pigs Purchased feed pellets for use Raised oats for use Purchased feeder calves Purchased fuel Purchased seed for use Raised corn crop for sale Raised wheat crop Raised corn crop for use Raised hay for sale 7-5 - Calculate the value of the co-mingled inventory items in each of the examples below