During 2020 Tiger King and Friends, Inc had the following transactions: S. $500,000 in credit sales...
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During 2020 Tiger King and Friends, Inc had the following transactions: S. $500,000 in credit sales 6. Collected $480,000 from AR customers 7. Received $800 of the amount lised in "3" above (during 2019) from the bankruptcy settlement of C.Baskn Company 8. Wrote off a $3,000 receivable from I.Heart. Tigers Co, who went into bankruptcy. 9. At 12/31/20 Tiger King and Friends, Inc estimated 7% of its ending AR will be uncollectable. Determine at 12/31/2020: Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense Sales ㅏ Accounts Receivable Bad Debt Exp CASH Allowance for Doubtful Accounts + 2021 ADA transactions. During 2021 Tiger King and Friends, Inc had the following transactions: 10. $800,000 in credit sales 11. Collected $725,000 from AR customers 12. Received $1,000 bankruptcy payout from the I.Heart. Tigers Co in "8". 13. Tiger King and Friends, Inc estimates 8% of its AR is uncollectable at 12/31/21 Determine at 12/31/2021: Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense Sales Bad Debt Exp T T H Accounts Receivable CASH Allowance for Doubtful Accounts During 2020 Tiger King and Friends, Inc had the following transactions: S. $500,000 in credit sales 6. Collected $480,000 from AR customers 7. Received $800 of the amount lised in "3" above (during 2019) from the bankruptcy settlement of C.Baskn Company 8. Wrote off a $3,000 receivable from I.Heart. Tigers Co, who went into bankruptcy. 9. At 12/31/20 Tiger King and Friends, Inc estimated 7% of its ending AR will be uncollectable. Determine at 12/31/2020: Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense Sales ㅏ Accounts Receivable Bad Debt Exp CASH Allowance for Doubtful Accounts + 2021 ADA transactions. During 2021 Tiger King and Friends, Inc had the following transactions: 10. $800,000 in credit sales 11. Collected $725,000 from AR customers 12. Received $1,000 bankruptcy payout from the I.Heart. Tigers Co in "8". 13. Tiger King and Friends, Inc estimates 8% of its AR is uncollectable at 12/31/21 Determine at 12/31/2021: Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense Sales Bad Debt Exp T T H Accounts Receivable CASH Allowance for Doubtful Accounts
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2020 Transactions Accounts Receivable 17000 Allowance for doubtful debts 1010 Bad Debt Exp 1190 Sale... View the full answer
Related Book For
Introduction to Governmental and Not for Profit Accounting
ISBN: 978-0132776011
7th edition
Authors: Martin Ives, Terry K. Patton, Suesan R. Patton
Posted Date:
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