Prepare the journal entries that should be made in 2020 and 2021 to record the...
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Accounting
Prepare the journal entries that should be made in 2020 and 2021 to record the transactions related to the premium plan of the Sheffield. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 1,525.)
Account Titles and Explanation
Debit
Credit
2020
(To record the premium inventory.)
(To record the sales.)
(To record the expense associated with the sale.)
(To record the premium liability.)
2021
(To record the premium inventory.)
(To record the sales.)
(To record the expense associated with the sale.)
(To record the premium liability.)
Answer & Explanation
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