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1. Using the company's age list of accounts receivable, 54,200 of receivables were estimated to be uncollectible. If the Allowance for Doubtful Accounts had an unndjusted $800 debit balance, the adjusting entry to record bad debt expense will involve a: (a) debit to Bad Debts Expense for $4,200. (b) debit to Allowance for Doubtful Accounts for $3,400. (c) debit to Bad Debis Expense for $3,400. (d) credit to Allowance for Doubiful Accounts for 55,000 . (e) no adjusting entry is necessary. 2. A retailer collected the following information about its inventories to apply the lower of cost and net realizable value in valuing its three products. Product X$75,000 cost and $73,000 NRV, Product Y - $65,000 cost and $68,000NRV, and Product Z - $26,000 cost and $24,000NRV. After the retailer values its inventory at the lower of cost or net realizable value, the amount reported on the balance sheet would be: (a) $166,000 (b) $164,000. (c) $165,000. (d) $162,000. (c) $163,000. (a) $6,900. (b) $7,125. (c) $5,200. (d) $5,650. (e) $7,315. 4. A retailer reported inventory of $20,000 on January 1 and uses a periodic inventory system. During the year, the retailer reported $4,000 in purchase returns and discounts, $140,000 in purchases, and $10,000 for freight charged by shippers for purchased inventory. On December 31, the retailer reported ending inventory of $30,000. The cost of goods sold was (a) $136,000. (b) $164,000. (c) $166,000. (d) $124,000. (e) $116,000