CIT Group is a holding company for consumer and commercial financial services companies that provide lending products
Question:
CIT Group is a holding company for consumer and commercial financial services companies that provide lending products to customers. The following information concerning the Allowance for Loan Losses (Bad Debts) account was taken from CIT's 2019 10-K (dollars in millions):
a. What dollar amount of Bad Debt Expense was recognized on the 2019 and 2018 income statements?
b. What dollar amount of customer accounts were written off the books in 2019 and 2018?
c. Show the journal entries for the recoveries of previously written-off loans for 2019 and 2018.
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a The amount of Bad Debt Expense recognized on the 2019 income statement can be computed as Bad Debt ...View the full answer
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