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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Assume that on February 1, Marks and Spencer plc (M&S) (GBR) paid £ 83,520 in advance for 2 years' insurance coverage. Prepare
M&S's February 1 journal entry and the annual adjusting entry on June 30. (Credit account titles are automatically indented when amount
is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Record journal
entries in the order presented in the problem.)
Date
Account Titles and Explanation
Debit
Credit
Transcribed Image Text:Assume that on February 1, Marks and Spencer plc (M&S) (GBR) paid £ 83,520 in advance for 2 years' insurance coverage. Prepare M&S's February 1 journal entry and the annual adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
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