Chipman Safware recently reported the following amounts in its unadjusted trial balance at its year-end: 5 16 points E como Debits Credits Accounts Receivable $ 3,700 Allowance for Doubtful Accounts $ 40 Sales (assume all on credit) 51,000 Required: 1. Prepare the adjusting journal entry required for the year. Assume Chipman uses 3/4 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 $97 of its Accounts Receivable will be uncollectible. 3. Assume instead that Chipman uses the aging of accounts receivable method and estimates that $97 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 $27. 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? Block Print Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Required 4 Prepare the adjusting journal entry required for the year. Assume Chipman uses 3/4 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 View transaction list Journal entry worksheet A Record the entry for bad debt expenses under the percentage of credit sales method. Nota: Enter debit before credita. Transaction General Journal Debit Credit 1 Record entry Clear amry View general) al journal Required Required 2 > Chipman Safware recently reported the following amounts in its unadjusted trial balance at its year-end: 5 16 points 01:32:19 Debits Credits Accounts Receivable $ 3,700 Allowance for Doubtful Accounts $ 40 Sales (assure all on credit) 51,000 Required: 1. Prepare the adjusting journal entry required for the year. Assume Chipman uses 3/4 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 $97 of its Accounts Receivable will be uncollectible. 3. Assume instead that Chipman uses the aging of accounts receivable method and estimates that $87 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 $27. 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? Block Print Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 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 $87 or its Accounts Receivable will be uncollectible. (ir no entry is required for a transaction/event, select "No Joumal Entry Required in the first account field.) View transaction list Journal entry worksheet A Record the entry for bad debt expenses under the aging of accounts receivable method Note: Enter debita before credika General Journal Debit Credit Transaction 1 Record entry Clear emry View general journal Chipman Safware recently reported the following amounts in its unadjusted trial balance at its year-end: 5 Credits Debits $ 3,700 Accounts Receivable Allowance for Doubtful Accounts Sales (assume all on credit) $ 40 51,000 16 points 01:32:00 Required: 1. Prepare the adjusting journal entry required for the year. Assume Chipman uses 3/4 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 $97 of its Accounts Receivable will be uncollectible. 3. Assume instead that Chipman uses the aging of accounts receivable method and estimates that $97 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 $27. 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? Black Print Complete this question by entering your answers in the tabs below. Required: Required 2 Required 3 Required 4 Assume instead that Chipman uses the aging of accounts receivable method and estimates that $87 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 $27. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Show less View transaction lit Journal entry worksheet A Record the adjusting entry for bad debts, using the aging of accounts receivable method. Note: Enbar debit before credita. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal Chipman Safware recently reported the following amounts in its unadjusted trial balance at its year-end: 5 16 points 8013157 Debits Credits Accounts Receivable $ 3,700 Allowance for Doubtful Accounts $ 40 Sales (assume all on credit) 51,000 Required: 1. Prepare the adjusting journal entry required for the year. Assume Chipman uses 3/4 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 $87 of its Accounts Receivable will be uncollectible. 3. Assume instead that Chipman uses the aging of accounts receivable method and estimates that $27 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 $27. 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? Black Print Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Assume instead that Chipman uses the aging of accounts receivable method and estimates that $87 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 $27. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Show View transaction list Journal entry worksheet Record the adjusting entry for bad debts, using the aging of accounts receivable method Nota: Enter debit before credita. Transaction General Journal Dubit Credit 1 Record entry Clear entry View general journal