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thanks in advance ill rate anyone who answers good! Stewart Golf Supply Inc. (Stewart) operates a retail golf supply superstore on Vancouver Island. The company

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Stewart Golf Supply Inc. (Stewart) operates a retail golf supply superstore on Vancouver Island. The company sources its products from various manufacturers. The company has a December 31 year-end and only records depreciation at the end of the fiscal yepr. Stewart uses a perpetual inventory system and the aging method for determining bad debt expense. Stewart had the following transactions in April 2021: April 1 The company paid $8,400 for a one-year general insurance policy that is in effect from April 1, 2021 - March 31, 2022. April 1 The company received a $250,000 loan from its bank. The loan is to be repaid in monthly blended payments of $4,850, payable on the 30% of every month. The interest rate is 6.0% April 12 The company purchased inventory and equipment from a competitor that was going out of business. Stewart paid $120,000 for both. Stewart's management estimates that the value of the inventory acquired was 581,000 and the equipment was $54,000 April 20 The company wrote off a customer account of $1,700 that was deemed uncollectible. April 27 The company made a sale to one of its commercial customers on account for $52,000. The cost of the products sold was 535,000 April 30 The company made the 54,850 payment to the bank relating to the loan received on April 1. E 23 A E R T U P was 354,000. April 20 The company wrote off a customer account of $1,700 that was deemed uncollectible. April 27 The company made a sale to one of its commercial customers on account for $52,000. The cost of the products sold was $35,000 April 30 The company made the $4,850 payment to the bank relating to the loan received on April 1. Stewart also needs to record adjusting entries for the following: April 30 Recognize insurance expense for the month. April 30 Management determined that the allowance for doubtful accounts on April 30 should be $38,500. The balance in the account on April I was a credit of $35,600. Required: (12 marks - 24 minutes) Prepare the journal entries and adjusting entries required as a result of the above information for the month of April 2021. Include the date with the entry, however, no description is required

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