1)

Brown Cow Dairy uses the aging approach to estimate bad debt expense. The balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $26,600; (2) up to 120 days past due, $11,600; and (3) more than 120 days past due, $6,600. Experience has shown that, for each age group, the average bad debt rates on the receivables at year-end due to uncollectibility are (1) 2.5 percent, (2) 11 percent, and (3) 35 percent, respectively. At December 31, 2014 (end of the current year), the allowance for doubtful accounts balance was $760 (credit) before the end-of-period adjusting entry was made.

What amount should be recorded as bad debt expense for the current year?

2) see attachment

3) a) and b)

Compute the missing delier amounts for the 2014 statement ef eemings ef Leurin Retailers for each of the following independent eases: - nm-a C 313 69D 41 3 Him 213 D 390 582 232 232 82 Ianm Demski Company reported beginning inventory of SEE units at a unit cost of $23. It engaged in the following pumi'lasa and sale transactions during 2514: Jan. 14 Sold 93 units at unit sales price at $33- on open account. April 9 Purchased TB additional units at unit cost of $23 on open account. Sept. 2 Sold 153 units at sales price oi $43 on open account. At the end at 2M4. a physical count showed that Demslti Company had 133 units of inventory still on hand. Required: {a}. Record each transaction, assuming that Demski Company uses a perpetual inventory system {including any necessary entries at December 31, the and ot the accounting period}. Demsid Company uses the FIFO inventory costing method. [If no entry is required for a transaction-event, select "Ho journal entry required\" in the first account field.} view transaction list view general journal Journal Entry Worksheet 0 I E] [E] E] [E] Record sales on account. *Enter debits before credits {b}. Renard each t'eneeetiun, assuming that Dernsiri Bumpeny uses :1 periodic inventory system {including any neeeeeery entries at December 31, the end of the eeeeunti ng period}. Demaki Cempeny uses the FIFO inventory meeting method. {If ne entry is required fer e teneaeenieyent. select "He jeurnel entry required'I in the rst eeeou nt field} Journal Entry Worksheet 215' I E] E] E] *Enter debits befure credits