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At December 31, 2016, accrued expenses primarily included $60.8 million and $24.7 million of accrued compensation and benefits and marketing...

At December 31, 2016, accrued expenses primarily included $60.8 million and $24.7 million of accrued compensation and benefits and marketing expenses, respectively. At December 31, 2015, accrued expenses primarily included $63.8 million and $17.8 million of accrued compensation and benefits and marketing expenses, respectively.


1.   Prepare journal entries representative of the two adjusting entries recorded by Under Armour, Inc. for compensation and marketing expenses at December 31, 2016. Indicate the impact (+ = increase, or - = decrease) of the entries on the balance sheet and income statement categories.

 

Assume that in 2017, Under Armour, Inc. paid the compensation and marketing expenses accrued at the end of 2016. Prepare summary journal entries representing payment of the accrued expenses. Indicate the impact (+ = increase, or - = decrease) of the entries on the balance sheet and income statement categories.



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Is what I have done in this accrual expenses correct?

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Top Answer

Your second entry is correct. The rest journal... View the full answer

1 comment
  • In journal entry, you need also to input first the debit account. The credit account will be indented.
    • dinamarcanete
    • Apr 02, 2018 at 7:51pm

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