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35 points: COMPREHENSIVE ADA TRANSACTIONS: 2020 & 2021 Crazy Year, Inc began operations in 2020. Analyze the transactions for 2020 and 2021 and post to
35 points: COMPREHENSIVE ADA TRANSACTIONS: 2020 & 2021 Crazy Year, Inc began operations in 2020. Analyze the transactions for 2020 and 2021 and post to the T-Accounts. Label your entries with the appropriate transaction letter. 2020 transactions: 1. $300,000 of credit sales 2. $250,000 payment collected on those sales 3. Wrote off a $3,000 receivable from Pandemic Stinks, Inc, a customer who went int bankruptcy. 4. Crazy Year, Inc estimates 3% of is Accounts Receivables at 12/31/19 will be uncoll REQUIRED*** Update the T Accounts for: Cash, A/R, Sales, Bad Debt Expense, and ADA ***REQUIRED*** answer the following as of Dec 31, 2020 A) Accounts Receivable balance is $ Debt/Credit B) Allowance for Doubful Accounts (ADA) balance is $ Debt/Credit C) Bad Debt Expense (BDE) balance is $ Debt/Credit
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