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Chipman Sofware recently reported the following amounts in its unadjusted trial balance at its year-end:
PB8-1 (Algo) Recording Accounts Receivable Transactions Using the Allowance Method [LO 8-2] Chipman Sofware recently reported the following amounts in its unadjusted trial balance at its year-end: Credits Debits $ 3,300 Accounts Receivable Allowance for Doubtful Accounts Sales (assume all on credit) $ 31 47,000 Required: 1. Prepare the adjusting journal entry required for the year. Assume Chipman uses 1/4 of 1 percent of sales to estimate its Bad Debt Expense for the year and no Bad Debt Expense has been recorded yet. 2. Prepare the adjusting journal entry required for the year. Assume instead that Chipman uses the aging of accounts receivable method and estimates that $83 of its Accounts Receivable will be uncollectible. 3. Assume instead that Chipman uses the aging of accounts receivable method and estimates that $83 of its Accounts Receivable will be uncollectible. Prepare the year-end adjusting journal entry for recording Bad Debt Expense. Assume Chipman's year-end unadjusted balance in Allowance for Doubtful Accounts was a debit balance of $23. 4. If one of Chipman's main customers declared bankruptcy after year-end, what journal entry would be used to write off its $15 balance? Required 1 Required Required Required Prepare the adjusting journal entry required for the year. Assume Chipman uses 1/4 of 1 percent of sales to estimate its Bad Debt Expense for the year and no Bad Debt Expense has been recorded yet. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your final answer to the nearest whole dollar.) Show less A View transaction list Journal entry worksheet Record the entry for bad debt expenses under the percentage of credit sales method. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Required 1 Required 2 Required 3 Required 4 Prepare the adjusting journal entry required for the year. Assume instead that Chipman uses the aging of accounts receivable method and estimates that $83 of its Accounts Receivable will be uncollectible. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the entry for bad debt expenses under the aging of accounts receivable method. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Noyuncu 1 Noyuncu nyulicu NcYulicut Assume instead that Chipman uses the aging of accounts receivable method and estimates that $83 of its Accounts Receivable will be uncollectible. Prepare the year-end adjusting journal entry for recording Bad Debt Expense. Assume Chipman's year-end unadjusted balance in Allowance for Doubtful Accounts was a debit balance of $23. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Show less View transaction list Journal entry worksheet Record the adjusting entry for bad debts, using the aging of accounts receivable method. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Required 1 Required 2 Required 3 Required 4 If one of Chipman's main customers declared bankruptcy after year-end, what journal entry would be used to write off its $15 balance? (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet
