Bambooya Corporation

The sole shareholder of a Newmarket, Ontario, bamboo wholesaler wants to complete all necessary accounting transactions in order to determine the fiscal 2007 results. Students are required to record all opening balances, the necessary transactions, and adjusting and closing entries. The case is a comprehensive one wherein the required transactions involve cash, accounts receivable (including write-offs, recoveries and bad debts), retail inventory (purchases, returns, discounts, FOB terms, valuation and the lower-of-cost-or-market rule), and fixed assets (purchase, amortization, repairs, trade-ins and sales).