Express Company has beginning inventory on Jan 1st of 150 units at a cost of $20 per unit. During the year, the
following transactions were made:
	March 14th -	400 units purchased at $23 per unit
	July 20th -	250 units purchased at $24 per unit
	Aug 1st -	600 units were sold
	Sept 4th -	350 units purchased at $26 per unit
	Oct 1st -	450 units were sold
	Dec 2nd -	100 units purchased at $29 per unit
Show the total of Cost of Goods Sold and Ending Inventory
Percentage-of-Sales Method
Percentage-of-Receivables Method
Aging of Receivables Method
Based on the following information calculate the bad debt expense and show the journal entry. Using a T-account,
show the balance in the Allowance for Bad Debts.
	Net Credit Sales $800,000
	Balance in Allowance Account - CR of $200 (before adjusting entry)
	Balance in Accounts Receivable - DR of $8,000
	1) If the company uses the Percentage-of-Sales Method, it estimates bad debt expense to be 1%
	2) If the company uses Percentage-of-Sales Receivables, it estimates bad debt to be 4%
	3) If the company uses Aging-of-Receivables Method, it estimates bad debt at the following:
						Customer Name	# day past due	Amount Due
		1-30 days	1%			Smith	20 days	$2,000.00
		31-50 days	2%			Bailey	120 days	$1,000.00
		61-90 days	3%			Adams	40 days	$4,500.00
		Over 90 days	75%			Jones	68 days	$500.00