Prepare general journal entries on December 31, 2020 to record the following unrelated year-end adjustments.
Definitions:
Chapter 7
A bankruptcy process outlined in the U.S. Bankruptcy Code allowing individuals or businesses to discharge their debts by liquidating their assets.
Bankruptcy Code
The Bankruptcy Code is the federal law governing bankruptcy proceedings in the United States, providing for various forms of debt relief for individuals and organizations.
Educational Loans
Financial loans provided to students to help cover the cost of post-secondary education, typically to be repaid after graduation.
Nondischargeable Debts
Debts that cannot be eliminated through bankruptcy, often including certain taxes, child support, and student loans.
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