2 The following transactions occurred over the months of September to December at Nicole's Getaway Spa (NGS). September Sold spa merchandise to Ashley Welch Beauty for $1,650 on account; the cost of these goods to NGS was $840. October Sold merchandise to Kelly Fast Nail Gallery for $390 on account; the cost of these goods to NGS was $170. November Sold merchandise to Raea Gooding Wellness for $240 on account; the cost of these goods to NGS was $160. December Received $1,110 from Ashley Welch Beauty for payment on its account. Required: 1. Prepare journal entries for each of the transactions. Assume a perpetual inventory system. 2. Estimate the Allowance for Doubtful Accounts required at December 31, assuming the only receivables outstanding at December 31 arise from the transactions listed above. NGS uses the aging of accounts receivable method with the following uncollectible rates: one month, 3%; two months, 5%; three months, 20%; more than three months, 30%. 3. The Allowance for Doubtful Accounts balance was $44 (credit) before the end-of-period adjusting entry is made. Prepare the journal entry to account for the Bad Debt Expense. 4. Assume the end of the previous year showed net accounts receivable of $770, and net sales for the current year are $8,700. Calculate the accounts receivable turnover ratio. 5. Audrey's Mineral Spa has an accounts receivable turnover ratio of 8.0 times. How does NGS compare to this competitor? 1 (Algo) Accounting for Receivables and Uncollectible Accounts [LO 8-2, LO 8-4] Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 The Allowance for Doubtful Accounts balance was $44 (credit) before the end-of-period adjusting entry is made. Prepare the journal entry to account for the Bad Debt Expense. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.

CL8-1(A)go] Accounting for Feceivables and Uncollectible Accounts [LO 8-2, L. 8-4] The folowing transacsons occurred over the months of Seghember to December at Nicoles Getwiny Spa (NGS) Septenber Sole spa merchatase to ishley Welch acouty for 12 , bse en ecceunti the cost af these giods to Mas was sast. Getsber Sold eerchandise to Kelly Fast Nail Catlery for s3ge on accounta the cast of nheie goods to Mas was 117t. Recuiced: 1. Pepare jounel enteses for each of the Iransactions Astume o porpetual inwertary sysiom 2. Estimuse the Allowance for Doubtld Accourts required an December 34, sssuming the onty rocefvabies oustand ng as December 3t. arise trom the transactions litied above. NGS utes the aging of aceounts recevuble menosod with the following uncellectible rates: one month, 3\%, her months, 5\% three months, 20\%s, mare than the ee montht, 30s. 3. The Alowance for Doubtful Accounts belasce was $44 (credti before the end of penod edfusting entry is midede. Prepare the jourmal entry so account for the Ead Debt Evpense. 4. Assume the end of the previous year whowed net accesuts recetvabie of 5770 and net sales for the curtent yeor are 58300 Colculde the acceunts recelvable turndver ratio 5. Audrey's Mineral Spe has an mccounts recelvele ternover ratio of 8.0 unes. How does NSs cempare to this eompettor? Cemplete this questien by entering your answers in the tabs below. The Alowance for Doubtul Accounts belmce was s44 (credt) bodore the end-ol-percos etfictife thery in made. Fopare the journal