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Prepare all journal entries and month-end adjusting entries

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Question - Marin Ltd. started the year with a balance owing from Stratford Inc. of $31,200. After several phone calls, on Feb. 1, 2021, Stratford offered to sign a 5% note for the balance owing. The note is due May 1, 2021. Marin has a calendar year end and adjusts its accounts monthly. On May 5, Marin Ltd. was notified that Stratford Inc. went bankrupt and would not be paying off its debts. Prepare all journal entries and month-end adjusting entries from Feb. 1, 2021 to May 5, 2021 for Marin Ltd.

Reference no: EM132841779

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