Problem 2 Calculating depreciation On March 1, 2017, LOL Corporation purchased and put into service plant assets (coating machine). The following information is available regarding the origin of the factory: the acquisition cost is $ 140,000, the estimated rescue value, $ 10,000, the estimated useful life, 5 years, the estimated useful life - the production, 14,000 units required: in 2017, LOL Corporation mixed 1200 boxes of paint and in 2018 the company By mixing 2000 paint cans. Enter the necessary journal entries on December 31, 2017 and December 31, 2018 to record consumption for each year according to the following consumption methods: 1. Constant installment 2. Double diminishing balance 3. Production units

Problem 1 Accounts Receivable and Bad Debt Expense At December 31, Riley Company reports the following results for its calendar year from the adjusted trial balance. Credit sales Cash sales Accounts Receivable Allowance for Doubtful Accounts (Credit Balance) $1,400,000 $850,000 $365,000 650 a. Prepare the adjusting entry to record Bad Debts Expense assuming uncollectibles are estimated to be 1.5% of credit sales. Prepare the adjusting entry to record Bad Debts Expense assuming uncollectibles are estimated to be 9% of total sales. Prepare the adjusting entry to record Bad Debts Expense assuming uncollectibles are estimated to be 6% of year-end accounts receivable. Account Names Debit Credit