Please find attached the question and answer for jounal entry. Kindly review and please let me know if the answer is correct DateDescriptionDebitCredit01-Sep-21 Allowance for Doubtful AccountsAccounts Receivable (P Mullen)To record written-off bad debt05-Sep-21 Accounts Payable - Syme LtdPurchase returns and allowancesf105£105£150£150To record unsuitable office fixtures returned to supplier10-Sep-21 Allowance for Doubtful AccountsAccounts Receivable (M. Abel)£311£131Cash£180To record write-off customer's account18-Sep-21 Machinery A/C£1,800Accounts Payable - Brown Ltd.£1,200Bank£500Cash£100To record the purchase of machinery26-Sep-21 Bank£600Accounts Payable - Brown Ltd.To record payment made to machinery supplier£60028-Sep-21 Bank£130Accounts Receivable - Insurance A/C£70Bank£60To record payment made towards insurance bill£3,096£3,096 F Polk, after being in Bakery business for some years without keeping proper records, now decidesto keep a double entry set of books. On 1 September 2021 he establishes that his assets andliabilities are as follows: Assets: Van £5,700, Fixtures £2,800, Stock £5,200, Debtors -P Mullen£105, M Abel £311, Bank £1060, Cash £85. Liabilities: Creditors - Syme Ltd £229, A Hill £80.(1)He is not sure about Journal entries for the following transactions in September 2021 as follows:Sep 1: A debt of £105 owing from P Mullen was written off as a bad debtSep 5: Office Fixtures originally bought by credit for £150 was returned to the supplier Syme Ltd., asit was unsuitable. Full allowance will be given for this.Sep 10: The business is owed £311 by M. Abel. He is declared bankrupt and we only received£180 cash in full settlement of the debt.Page | 9Sep 18: Bought a Machinery from Brown Ltd. to use in the company. The total purchasing value ofthe machine is £1,800. The owner paid £100 cash, £500 by issuing a cheque and rest ofthe purchasing value would remain as credit.Sep 26 The owner paid half of the machinery debt to Brown Ltd. by issuing a cheque.Sep 28: The owner paid £130 an insurance bill via cheque thinking that it was in respect of thebusiness. We now discover that £70 of the amount paid was in fact insurance of our privatehouse.Required:You are required to show the Journal entries (only) (with narrative) necessary to record the itemswhich occur in Sep 2021.

Journal entry is a primary entry that records the financial transactions initially.

01-Sep-21 Allowance for Doubtful Accounts Accounts Receivable (P Mullen) To record written-off bad debt 05-Sep-21 Accounts Payable - Syme Ltd Purchase returns and allowances £105 £105 £150 £150 To record unsuitable office fixtures returned to supplier 10-Sep-21 Allowance for Doubtful Accounts Accounts Receivable (M. Abel) £311 £131

01-Sep-21 Allowance for Doubtful Accounts Accounts Receivable (P Mullen) To record written-off bad debt 05-Sep-21 Accounts Payable - Syme Ltd Purchase returns and allowances £105 £105 £150 £150 To record unsuitable office fixtures returned to supplier 10-Sep-21 Allowance for Doubtful Accounts Accounts Receivable (M. Abel) £311 £131

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 33P

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Kindly review my answer against the question in the attachment. Please let me know if any corrections are required
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