Assume that on February 1, Marks and Spencer plc (M&S) (GBR) paid £ 83,520 in advance for 2 years' insurance coverage. PrepareM&S's February 1 journal entry and the annual adjusting entry on June 30. (Credit account titles are automatically indented when amountis entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Record journalentries in the order presented in the problem.)DateAccount Titles and ExplanationDebitCredit

Solution: Journal entry to record insurance payment and relevant adjusting entry is as under:

Answered: Assume that on February 1, Marks and…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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At the end of the year, Dahir Incorporated’s balance of Allowance for Uncollectible Accounts is $1,900 (credit) before adjustment. The company estimates future uncollectible accounts to be $9,500. What adjustment would Dahir record for Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Adams Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31, 2019: Amount 10,000 Customer Billy Adams Stan Fry 8,000 Tammy Imes Shana Wagner 5,000 1,700 Total 24,700 a. Journalize the write-offs for 2019 under the direct write-off method. b. Journalize the write-offs for 2019 under the allowance method. Also, journalize the adjusting entry for uncollectible accounts. The company recorded $2,600,000 of credit sales during 2019. Based on past history and industry averages, 1.75% of credit sales are expected to be uncollectible. c. How much higher or lower would Adams Company's 2019 net income have been under the direct write-off method than under the allowance method? %24
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On June 1, Bonita Company borrows $106,500 from First Bank on a 6-month, $106,500, 8% note. Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) DateAccount Titles and ExplanationDebitCreditJune 1 Show List of AccountsLink to Text Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when am
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i Required Information [The following Information applies to the questions displayed below.] Following are transactions of Danica Company. December 13 Accepted a $14,000, 45-day, 8% note in granting Miranda Lee a time extension on her past-due account receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Complete the table to calculate the interest amounts at December 31st and use the calculated value to prepare your journal entries. Note: Do not round your Intermediate calculations. Use 360 days a year. Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Use the calculated value to prepare your journal entries. View transaction list View journal entry worksheet No 1 Date December 13 General Journal Debit Credit Accounts receivable-M. Lee 14,000 Cash

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