Journal Entries (15 Points) 1. Los Pollos Hermanos Inc. had net credit sales of $75,000 and estimates that bad debts are approximately 3% of net credit sales. The year-end balance in accounts receivable is $200,000. During the year $2,000 of accounts receivable were written off. What is the bad debt expense journal entry? 2. What is the journal entry for writing off the uncollectable accounts? 3. On January 1, 2013, Los Pollos Hermanos Inc. purchased $4,800 in bakery equipment using cash; Los Pollos Hermanos Inc. expects to use this machine for 2 years and expects to depreciate it evenly over that period. The machine has a residual value of zero. Record (journal entry) the purchase of the machine and the first year's depreciation expense 4. Los Pollos Hermanos Inc. sold the bakery equipment for $500 at the end of year two. What is the journal entry for the sale of the machine (don't for get to include all the accounts involved)? 5. Buy More, Inc. sold inventory costing $50,000, on account for $90,000. What is the journal entry (recognize both the revenue and the expense)