Jing Associates, LLC, a large law firm in Denver, is building a new office complex. To pay for the construction, Jing Associates
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Gross accounts receivable 12/31/2020= $16000/ 15% = $106,667
Accounts written off = $16000 - (- $29300) = $45,300
bad debt expense direct method = $45,300
Debt is a duty that calls for one birthday celebration, the debtor, to pay cash or another agreed-upon cost to every other party, the creditor. Debt is a deferred payment, or collection of payments, which differentiates it from a direct purchase. The debt may be owed via a sovereign kingdom or USA, nearby government, business enterprise, or person. Industrial debt is normally concerned to contractual phrases regarding the amount and timing of repayments of major and hobby. Loans, bonds, notes, and mortgages are all sorts of debt. In economic accounting, debt is a kind of financial transaction, as wonderful from fairness. The time period also can be used metaphorically to cowl moral obligations and different interactions no longer based totally on a monetary cost. For instance, in Western cultures, someone who has been helped by using a second person is occasionally said to owe a "debt of gratitude" to the second individual.
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