Chipman Sotware fecently reported the following amounts in its unadjusted trial balance at its year-end: Required: 1. Prepare the odjusting journal entry required for the year. Assume Chipman uses 1/4 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 joumal entry required for the year, Assume instead that Chipman uses the aging of accounts receivable method and estimates that $80 of its Accounts Recelvable will be uncollectible. 3. Assume instead that Chipman'uses the aging of accounts receivable method and estimates that $80 of its Accounts Receivable will be uncollectible. Prepare the year-end odjusting journal entry for recording Bad Debt Expense. Assume Chipman's yeatend unadjusted balance in Allowance for Doubsful Accounts was a debit baionce of $20. 4. If one of Chipman's main customers deciared bankruptcy after year-end, what journal entry would be used to weite off its 515 balance? Complete this question by entering your answers in the tabs below. Prepare the odjusting journal entry required for the year. Assume Chipman uses 1/4 of 1 percent of sales to estimate its Bad Debt Expense for the year and no Bad Debt Expense has been recorded yot. (If no entiy is required for a trankectionvevent, seiect 'No. hournal Entry Reeuired" in the first account field.j) Journal entry worksheet Prepare the adjusting joumal entry required for the year. Assume Chipman uses 1/4 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 Joumal Entry Required" in the first account field.) Journal entry worksheet Record the entry for bad debt expenses under the percentage of credit sales method. Nottei Enter dehits before credits. Prepare the adjusting journal entry required for the year. Assume instead that Chipman uses the aging of accounts receivabie method and estimates that $80 of its Accounts Recelvable will be uncoliectible. (tf no entoy is required for a transaction/event, select 'No Jourinal Entry Required" in the first account field.) Journal entry worksheet Record the entry for bad debt expenses under the aging of accounts receivable method. Nocei Enter decita beloric oredis. Assume inctesd that CTvpmen uses the aging of accounts receivabie method and estimates thit 180 of is Accounts Recevabie will be uncoliectible. Prepare the year-end adjusting journal entry for recording ted Debe frpense. Assume Chipmany vear-ent unadjusted balance in Alowance for Doubtful Accounts was a debat balence of $20. (if no entry is required for a thantaction/vevent, select We loumsi tintry Bequiredt in the first account feld.) Journal entry worksheet Mecord the advesting entry for bes debts, using the aging of occounts recelvabie method. one of Chipman's main customers declared bankruptcy after year-end, what joumal entry would be used to write off its $15 balance? if no entry is required for a transaction/event, select "No Joumal Entry rlequired" in the first account field.) Journal entry worksheet Record the wrie-off certain 'customer account which is not collectible due to bankruptcy dedared by the customer totaling $15. Histe Enter deeits befoee credth. Chipman Sotware fecently reported the following amounts in its unadjusted trial balance at its year-end: Required: 1. Prepare the odjusting journal entry required for the year. Assume Chipman uses 1/4 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 joumal entry required for the year, Assume instead that Chipman uses the aging of accounts receivable method and estimates that $80 of its Accounts Recelvable will be uncollectible. 3. Assume instead that Chipman'uses the aging of accounts receivable method and estimates that $80 of its Accounts Receivable will be uncollectible. Prepare the year-end odjusting journal entry for recording Bad Debt Expense. Assume Chipman's yeatend unadjusted balance in Allowance for Doubsful Accounts was a debit baionce of $20. 4. If one of Chipman's main customers deciared bankruptcy after year-end, what journal entry would be used to weite off its 515 balance? Complete this question by entering your answers in the tabs below. Prepare the odjusting journal entry required for the year. Assume Chipman uses 1/4 of 1 percent of sales to estimate its Bad Debt Expense for the year and no Bad Debt Expense has been recorded yot. (If no entiy is required for a trankectionvevent, seiect 'No. hournal Entry Reeuired" in the first account field.j) Journal entry worksheet Prepare the adjusting joumal entry required for the year. Assume Chipman uses 1/4 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 Joumal Entry Required" in the first account field.) Journal entry worksheet Record the entry for bad debt expenses under the percentage of credit sales method. Nottei Enter dehits before credits. Prepare the adjusting journal entry required for the year. Assume instead that Chipman uses the aging of accounts receivabie method and estimates that $80 of its Accounts Recelvable will be uncoliectible. (tf no entoy is required for a transaction/event, select 'No Jourinal Entry Required" in the first account field.) Journal entry worksheet Record the entry for bad debt expenses under the aging of accounts receivable method. Nocei Enter decita beloric oredis. Assume inctesd that CTvpmen uses the aging of accounts receivabie method and estimates thit 180 of is Accounts Recevabie will be uncoliectible. Prepare the year-end adjusting journal entry for recording ted Debe frpense. Assume Chipmany vear-ent unadjusted balance in Alowance for Doubtful Accounts was a debat balence of $20. (if no entry is required for a thantaction/vevent, select We loumsi tintry Bequiredt in the first account feld.) Journal entry worksheet Mecord the advesting entry for bes debts, using the aging of occounts recelvabie method. one of Chipman's main customers declared bankruptcy after year-end, what joumal entry would be used to write off its $15 balance? if no entry is required for a transaction/event, select "No Joumal Entry rlequired" in the first account field.) Journal entry worksheet Record the wrie-off certain 'customer account which is not collectible due to bankruptcy dedared by the customer totaling $15. Histe Enter deeits befoee credth
