Tilly's Back Scratchers sold novelty items to arenas and online with various team branding on them out of her home in Tulsa, USA. The following is a record of all events related to her business for the past fiscal year ending Feburary 28th, 2020. Tilly's commercial business provided the bulk of her sales where she sold to areas on account with the terms 2.5/10 net 30. Tilly sold FOB destination, Tilly made $2,550,000 in regular sale of which $50,000 of discounts were applied. Tilly's sold $50,000 online through her website of which 40% used their debit cards and 60% used bank credit cards. She estimates that there was 10,000 units were sold at a cost to her of 0.75 each. Tilly purchased from Theo's Things. Theo offered 1/5 net 10, FOB Tulsa discount from date of ownership. Shipping, when applicable would $500 per trip and would-be put-on account. Theo was located in Pensacola, Florida. The following is a record of exceptional events that happened during the year: April 1st - Receive a call from Brad MarchanD claiming he would be unable to pay for the $63,000 worth of back scratchers he had given away from fan appreciation night. Tilly decided to write off the account May 3rd - Ordered $1,000,000 worth back scratchers from Theo, they are shipped out same day May 5th - The order from May 5th arrives May 9th - Tilly settles her account with Theo from May 3rd with cash June 15th - Jack Campbell calls to put down a deposit for back scratchers to be delivered to fans in the playoffs come July. He deposits $10,000. July 2nd - The Toronto Raptors call and request custom dinosaur shaped claws for the back scratchers. This sale was custom work and not included in the $2,550,000 regular sales or $50,000 discounts figure mentioned earlier. They agree to pay $75,000 for 100,000 of them to be delivered October 1st August 5th - Jason Spezza calls to pay for a set of Ottawa back scratchers he ordered in 2013. Tilly had written him off years ago. He only gave $500 of his $12,000 account though. September 12th - Carey Price calls to complain about the back scratchers he received. We give him $4000 off his bill and he agrees to keep them. Sept 30th - Tilly ships the Raptors order Oct 3rd - The Raptors delivery arrives Oct 11th - The Raptors make payment November 2th - Carey Price calls to admit he can't afford the remaining $31,000 of his bill. We agree to transfer his balance to a Note bearing 12% interest that will be payable in 9 months Dec 24th The Raptors call to complain about the late delivery back in October, we agree to credit their account towards a future purchase $3450 because of the issue. Jan 3rd - Jack Campbell calls about his deposit, we agree to hold it to next season since the event was cancelled. Feb 2nd - Brand Marchand calls and says it was joke and that he would pay his account once he retires in June. Please complete the following journal entries based on the mini case above. Adjusting entries for A/R collection, Bad debt, COGS and closing entries are NOT required. If events happen on separate dates please record them individually and do not combine them. Be aware incorrect entries where no entry is required will result in the loss of one mark per event. Tilly's Back Scratchers sold novelty items to arenas and online with various team branding on them out of her home in Tulsa, USA. The following is a record of all events related to her business for the past fiscal year ending Feburary 28th, 2020. Tilly's commercial business provided the bulk of her sales where she sold to areas on account with the terms 2.5/10 net 30. Tilly sold FOB destination, Tilly made $2,550,000 in regular sale of which $50,000 of discounts were applied. Tilly's sold $50,000 online through her website of which 40% used their debit cards and 60% used bank credit cards. She estimates that there was 10,000 units were sold at a cost to her of 0.75 each. Tilly purchased from Theo's Things. Theo offered 1/5 net 10, FOB Tulsa discount from date of ownership. Shipping, when applicable would $500 per trip and would-be put-on account. Theo was located in Pensacola, Florida. The following is a record of exceptional events that happened during the year: April 1st - Receive a call from Brad MarchanD claiming he would be unable to pay for the $63,000 worth of back scratchers he had given away from fan appreciation night. Tilly decided to write off the account May 3rd - Ordered $1,000,000 worth back scratchers from Theo, they are shipped out same day May 5th - The order from May 5th arrives May 9th - Tilly settles her account with Theo from May 3rd with cash June 15th - Jack Campbell calls to put down a deposit for back scratchers to be delivered to fans in the playoffs come July. He deposits $10,000. July 2nd - The Toronto Raptors call and request custom dinosaur shaped claws for the back scratchers. This sale was custom work and not included in the $2,550,000 regular sales or $50,000 discounts figure mentioned earlier. They agree to pay $75,000 for 100,000 of them to be delivered October 1st August 5th - Jason Spezza calls to pay for a set of Ottawa back scratchers he ordered in 2013. Tilly had written him off years ago. He only gave $500 of his $12,000 account though. September 12th - Carey Price calls to complain about the back scratchers he received. We give him $4000 off his bill and he agrees to keep them. Sept 30th - Tilly ships the Raptors order Oct 3rd - The Raptors delivery arrives Oct 11th - The Raptors make payment November 2th - Carey Price calls to admit he can't afford the remaining $31,000 of his bill. We agree to transfer his balance to a Note bearing 12% interest that will be payable in 9 months Dec 24th The Raptors call to complain about the late delivery back in October, we agree to credit their account towards a future purchase $3450 because of the issue. Jan 3rd - Jack Campbell calls about his deposit, we agree to hold it to next season since the event was cancelled. Feb 2nd - Brand Marchand calls and says it was joke and that he would pay his account once he retires in June. Please complete the following journal entries based on the mini case above. Adjusting entries for A/R collection, Bad debt, COGS and closing entries are NOT required. If events happen on separate dates please record them individually and do not combine them. Be aware incorrect entries where no entry is required will result in the loss of one mark per event