1. Wilton, Inc. had net sales in 2020 of $1,400.000. At December 31, 2020, before adjusting entries, the balances in selected accounts were as follows: Accounts Receivable $250,000 OR Allowance for Doubtful Accounts 2.600 CR Wilton estimates that 1.5% of its net sales will be uncollectible. Prepare journal entries for Wilton, Inc. to record the following events: a. The December 31, 2020 adjusting journal entry to record bad debt expense. b. On February 16, 2021. Wilton realizes that its customer. XYZ Co., has declared bankruptcy. XYZ, Co. has a balance of $875 that is determined to be uncollectible. c. On September 27, 2021, XYZ Co. pays the amount owed to Wilton in full. 2. Amsterdam Company uses a periodic inventory system. For June, when the company sold 600 units, the following information is available: June 1 June 15 June 23 Inventory Purchase Purchase 240 units @ $ 10/unit 500 units @ $6/unit 350 units @ $8/unit Using the average-cost method, compute the following: a. June 30 inventory b. June cost of goods sold 3. The night of May 31st, most of Hobby Lobby's inventory at its Lawrenceville store was stolen and the inventory management system was destroyed during the break in. To quickly file an insurance claim, the manager needs an estimate of the inventory that was stolen. Employees note that approximately $80,000 worth of inventory is on hand the morning after the theft. The manager obtains the following information from the corporate office: January 1st inventory was $250.000, and purchases for January through May totaled $750,000. Sales revenue for that same period was $900,000. Hobby Lobby has experienced an average gross profit percentage of 40% on sales. Using the gross profit method, calculate the estimated dollar value of stolen inventory to be reported on the insurance claim