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Sales Estimated gross profit rate $250,000 25% Beginning inventory Purchases (net) Merchandise available for sale $9,000 211,000 $220,000 Based upon the above data, estimate the cost of ending inventory using the gross profit method. Prepare entries to record the following: a. Issued 1,000 shares of $15 par common stock at $54 for cash. If an amount box does not require an entry, leave it blank or enter "O". b. Issued 1,400 shares of no-par common stock in exchange for equipment with a fair market price of $24,000. c. Purchased 100 shares of treasury stock at $26. d. Sold 100 shares of treasury stock purchased in (c) at $29. If an amount box does not require an entry, leave it blank or enter "O". For a business that uses the allowance method of accounting for uncollectible receivables: a. Journalize the entries to record the following: 1. Record the adjusting entry at December 31, the end of the first fiscal year, to record the bad debt expense. The accounts receivable account has a balance of $800,000, and the contra asset account before adjustment has a debit balance of $600. Analysis of the receivables indicates uncollectible receivables of $18,000. 2. In March of the next year, the $350 owed by Fronk Co. on account is written off as uncollectible. 3. In November of the next year, $200 of the Fronk Co. account is reinstated and payment of that amount is received, 4. In December of the next year, $400 is received on the $600 owed by Dodger Co. and the remainder is written off as uncollectible. If an amount box does not require an entry, leave it blank or enter "o". 1 2. 3. III 4 b. Journalize the entries to record the following, assuming the company uses the direct write-off method. 1. In March of the next year, the $350 owed by Fronk Co. on account is written off as uncollectible. 2. In November of the next year, $200 of the Fronk Co, account is reinstated and payment of that amount is received. 3. In December of the next year, $400 is received on the $600 owed by Dodger Co. and the remainder is written off as uncollectible. If an amount box does not require an entry, leave it blank or enter "0". 1. 2 I 3