sale are $120,000 Historical percentage of credit losses is 2% Allowance for doubtful accounts has a credit balance of $300 Accounts receivables ending balance is $47,000 What is the estimated bad debt expense using the percentage of credit sales method? A. $2,100 B. $2,400 C. $940 D. $2,700 5. Which of the following accounts would not be considered a tangible asset? A. Buildings B. Land C. Equipment D. Copyright 6. The Wilson Company, founded by Tim Taylor, has provided the following information; $1,000 $38,000 $2,100 $95,000 $1,200 Sales Returns and Allowances Accounts Receivable Sales Discounts Sales Revenue Allowance for Doubtful Accounts How much is net sales revenue? A. $91,900 B. $90,700 C. $89,900 D. $88,600 7. On March 1, the Wrigley Company purchased new equipment for $50,000 by payi cash. Other costs associated with the equipment were: transportation costs, $1,00 sales tax paid $4,000; and installation cost, $2,500. At what amount will the equipment be recorded on the balance sheet? A. $57,500 B. $54,000 C. $51,000 D. $53,500