Chipman software recently reported the following amounts in its unadjusted trial balance at its year-end

Accounts Receivable	$	4,000
Allowance for Doubtful Accounts			$	51
Sales (assume all on credit)				54,000

1.Prepare the adjusting journal entry required for the year.

(i) Assume Chipman uses 3/4 of 1 percent of sales to estimate its Bad Debt Expense for the year.

(ii) Assume instead that Chipman uses the aging of accounts receivable method and estimates that $90 of its Accounts Receivable will be uncollectible.

(iii) Assume instead that Chipman uses the aging of accounts receivable method and estimates that $90 of its Accounts Receivable will be uncollectible. Prepare the year-end adjusting journal entry for recording Bad Debt Expense. Also, assume Chipman's year-end unadjusted balance in Chipmans Allowance for Doubtful Accounts was a debit balance of $30

(iv) If one of Chipman's main customers declared bankruptcy after year-end, what journal entry would be used to write off its $15 balance?