1. The following is the information for L&S as of March 31:

Net Sales $490,000

Accounts receivable $ 49,900

Accounts receivable Aging is as follows:

0-30 days $37,500

31 60 days $ 9,500

61 90 days $ 1,900

91 days + $ 1,000

Credit balance in Allowance for Doubtful Accounts is $900

Using the information provided above, prepare the adjusting entry for Bad Debt assuming the following:

1. L&S uses the percent of sales method (estimates .5%)
2. L&S uses percent of accounts receivable method (estimates 5%)
3. L&S uses percent of aged accounts receivable method (estimates 2% of 0-30 days, 5% of 31-60 days, 10% of 61-90 days, and 25% of 90+ days)

2. April 15: L&S determines that $500 due from J&S is uncollectible. Prepare the journal entry for writing off the receivable assuming:

1. L&S uses the Allowance Method
2. L&S uses the Direct Write off method