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

Debits

Credits

Accounts Receivable

$

3,700

Allowance for Doubtful Accounts

$

40

Sales (assume all on credit)

51,000

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 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 $87 of its Accounts Receivable will be uncollectible. 1.Record the adjusting entry for bad debts using percent credit sales method. 2.Record the adjusting entry for bad debts using the aging of accounts receivable method.