Chipman Sofware recently reported the following amounts in its unadjusted trial balance at its yea r-end Debits Credits Accounts Receivable Allowance for Doubtful Accounts Sales (assume all on credit) $2,600 $ 23 48,800 Required: 1. Prepare the adjusting journal entry required for the year. Assume Chipman uses 1/2 of 1 percent of sales to estimate its Bad Debt Expense for the year method and estimates that $76 of its Accounts Receivable will be uncollectible. be uncollectible. Prepare the year-end adjusting journal entry for recording Bad Debt Expense. Assume Chipman's year-end 2. Prepare the adjusting journal entry required for the year. Assume instead that Chipman uses the aging of accounts receivable 3. Assume instead that Chipman uses the aging of accounts receivable method and estimates that $76 of its Accounts Receivable will unadjusted balance in Allowance for Doubtful Accounts was a debit balance of $37, 4. If one of Chipman's main customers declared bankruptcy after year-end, what journal entry would be used to write off its $10 balance? Required 1 Required 2 Required 3 Required 4 Prepare the adjusting journal entry required for the year. Assume Chi Expense for the year. (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.) pman uses 1/2 of 1 percent of sales to estimate its Bad Debt 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. Debit Credit General Journal Transaction Required 1Requir 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 $76 of its Accounts Receivable will be uncollectible. (If no entry is required for a transaction/event, select "No Jours 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. Debit Credit Transaction General Journal Required 1 Required 2Required 3Required 4 Assume instead that Chipman uses the aging of accounts receivable method and estimates that $76 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 $37. (If no entry is required for a transaction/event, select"No Jourr Entry Required" in the first account field.) Show lessA 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. Debit Credit General Journal Transaction 9 Next Required 1Required 2Required 3 Required 4 If one of Chipman's main customers declared barikruptcy after year-end, what journal entry would be used to write off its $10 bat customers declared bankruptcy after year-end, what journal entry would be used to write off its $10 balance? Required" in the first account field.) View transaction list Journal entry worksheet Record the write-off certain customer account which is not collectible due to bankruptcy declared by the customer totaling $10. Note: Enter debits before credits. Debit Credit General Journal Transaction
