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

Chipman software recently reported the following amounts in its unadjusted trial balance at its year-end Debits Credits Accounts Receivable Allowance for Doubtful Accounts Sales (assume all on credit) $ 2,900 $ 20 43,000 Required: 1&2. Prepare the adjusting journal entry required for the year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to nearest whole dollar amount.) (i) Assume Chipman uses 1/2 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 $79 of its Accounts Receivable will be uncollectible transaction list view trans Journal E 1. Record the adjusting entry for bad debts using percent credit sales method. 2. Record the adjusting entry for bad debts using the aging Recor methc of accounts receivable method. Transactio