Nancy Howe, your staff assistant on the April 30, 20X2, audit of Wilcox Company, was transferred to another audit engagement before she could complete the audit of unrecorded accounts payable. Her working paper, which you have reviewed and are satisfied is complete, appears below. Invoice Date April 1,X2 April 30,x2 Wilcox Company Unrecorded Accounts Payable April 30, 20x2 Vendor and Description Hill & Harper-unpaid legal fees at April 30, X2 (see lawyer's letter at M-4) Drew Insurance Agency-unpaid premium at year-end on fire insurance. for period April 1, X2- March 31, X3 (see insurance broker letter at 3-1-1). Payment made on May 7, 20x2. Mays and Sage, Stockbrokers-advice for 100 shares of Madison Limited common stock (settlement date May 7, X2) Lane Company-shipment received April 30, X2 per receiver number 3361 and included in April 30, X2, physical inventory; invoice not yet received (amount is per purchase order) y-Examined document described. In my opinion, the $12.468 adjustment includes all material unrecorded accounts payable. NAH. M-1-1 Amount $1,300y 2,880 2,275y 6,013y $ 12,468 May 29, X2 Prepare a proposed adjusting journal entry for the unrecorded accounts payable of Wilcox Company at April 30, 20X2. The amounts are material. (Do not deal with income taxes.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate computations.) Journal entry worksheet < 1 Record the adjusting journal entry for the unrecorded accounts payable of Wilcox Company at April 30, 20X2. Note: Enter debits before credits. Date General Journal Debit Credit April 30, 20X2 Marketable securities Insurance expense Marketable securities Professional fees expense < Prev 6 of 7 Next >