Question: Splish Brothers Ltd. started the year with a balance owing from Strutford Inc. of $10,800. After several phone calls, on Feb. 1, 2021, Strutford offered

Splish Brothers Ltd. started the year with a balance owing from Strutford Inc. of $10,800. After several phone calls, on Feb. 1, 2021, Strutford offered to sign a 5% note for the balance owing. The note is due May 1, 2021. Splish Brothers has a calendar year end and adjusts its accounts monthly. On May 5, Splish Brothers Ltd. was notified that Strutford Inc. went bankrupt and would not be paying off its debts. Prepare all journal entries and month-end adjusting entries from Feb. 1, 2021 to May 5, 2021 for Splish Brothers Ltd

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