Problems 1. The following transactions were selected from among those completed by Crowley Retailers Prepare Journal entries for each transaction a b C d e f On Dec 1. Sold product to customer B for $1.500 with terms of 2/10, n/30 On Dec 4, Collect cash due from customer B. The company had total sales of $60,000 of which $25,000 were credit sales and the remaining sales were cash. Based on prior experience, it estimates a 2 percent bad debt rate on credit sales. Record the entry for bad debt only. An account receivable for $780 from a prior year was determined to be uncollectible and was written off The company estimated depreciation on their equipment to be $750 for the year Paid major overhaul of the equipment that improved efficiency for $50,000 cash TI-3 TEXAS Ist 2nd ORG HYP 353 100