continuea: COMPREHENSIVE ADA TRANSACTIONS: 2021 Using the information from 2020 for Crazy Year, Inc and proceed into 2021. Update the T Accounts and answer the questions below. Label your entries with the appropriate transaction letter. Use the 2021 transactions: 5. $800,000 in credit sales 6. Collected $810,000 from AR customers 7. Received $1,500 of the amount lised in "3" above from the bankruptcy settlement of Pandemic Stinks, Inc 8. Wrote off a $2,000 receivable from Uncomfortable Face Masks Company, who went into bankruptcy. 9. At 12/31/21 Crazy Year Inc estimated 5% of its ending AR will be uncollectable. *** REQUIRED*** Update the T Accounts for: Cash, A/R, Sales, Bad Debt Expense, and ADA for the 2021 transactions ***REQUIRED**** answer the following as of Dec 31, 2021 A) Accounts Receivable balance is $ Debt/Credit B) Allowance for Doubtful Accounts (ADA) balance is $ C) Bad Debt Expense (BDE) balance is $ Debt/Credit Debt/Credit 2:25 10) Comprehensive ADA - 2021 Tranasactions Refer to the exam for transactions that occur during 2021 Determine at 12/31/2021: AMOUNT DEIBT OR CREDIT BALANCE? A B. Sales Bad Debt Exp CASH Allowance for Doubtful Accounts Accounts Receivable 9,000 300.0000 4) 4410 300,000 | ADA 3 3,000 4,410 4) Bod debt expense 4,410=4720*328.000 4,416 A)/47,000 debit (AIR B)/ (1,410 Credit (ADA) C) . c/4,410 Debit C BITE continuea: COMPREHENSIVE ADA TRANSACTIONS: 2021 Using the information from 2020 for Crazy Year, Inc and proceed into 2021. Update the T Accounts and answer the questions below. Label your entries with the appropriate transaction letter. Use the 2021 transactions: 5. $800,000 in credit sales 6. Collected $810,000 from AR customers 7. Received $1,500 of the amount lised in "3" above from the bankruptcy settlement of Pandemic Stinks, Inc 8. Wrote off a $2,000 receivable from Uncomfortable Face Masks Company, who went into bankruptcy. 9. At 12/31/21 Crazy Year Inc estimated 5% of its ending AR will be uncollectable. *** REQUIRED*** Update the T Accounts for: Cash, A/R, Sales, Bad Debt Expense, and ADA for the 2021 transactions ***REQUIRED**** answer the following as of Dec 31, 2021 A) Accounts Receivable balance is $ Debt/Credit B) Allowance for Doubtful Accounts (ADA) balance is $ C) Bad Debt Expense (BDE) balance is $ Debt/Credit Debt/Credit 2:25 10) Comprehensive ADA - 2021 Tranasactions Refer to the exam for transactions that occur during 2021 Determine at 12/31/2021: AMOUNT DEIBT OR CREDIT BALANCE? A B. Sales Bad Debt Exp CASH Allowance for Doubtful Accounts Accounts Receivable 9,000 300.0000 4) 4410 300,000 | ADA 3 3,000 4,410 4) Bod debt expense 4,410=4720*328.000 4,416 A)/47,000 debit (AIR B)/ (1,410 Credit (ADA) C) . c/4,410 Debit C BITE
