12.2A Show the journal entries necessary to record the following items: 2020 Apr 1 Bought office furniture on credit from Durham Brothers Ltd £1,400. 4 We take goods costing £270 out of the business inventory without paying for them. 9 £90 of the goods taken by us on 4 April are returned back into inventory by us. We do not take any money for the return of the goods. 12 M. Sharp owes us £460. He is unable to pay his debt. We agree to take some display cabinets from him at that value and so cancel the debt. 18 Some of the items of office furniture bought from Durham Brothers Ltd, £36 worth, are found to be unsuitable and are returned to them for full allowance. 24 A debt owing to us by T. Lyle of £80 is written off as a bad debt. 30 Computers bought on credit from OTF Ltd for £2,300.

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4A

Do you want to make a double entry? On November 7, 2021, a fire broke out at the store, destroying merchandise worth $12,000. The insurance company has declared that it will only pay out the first $3,000 of the claim under the provisions of the contract. There haven't been any entries made yet to document this.

2021 Dec 31 Recorded Bad Debt Expense of $15,500 2022 Apr 1 Wrote off J.Salazar account of $3500 as uncollectible 2022 June 4 Wrote off T.Savvy account of $4000 as uncollectible 2022 August 10 Recovered $1500 from T. Savvy   Required Journalize the transactions using the income statement approach to estimate bad debts. Journalize how Sloan Company would record the T Savvy bad debt situation if the direct write-off method had been used. Assume the bad debt was recovered on August 10, 2023.