Credits Debits $3,200 Accounts Receivable Allowance for Doubtful Accounts Sales (assume all on credit) $ 28 46,000 Required: 5 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. 2. Prepare the adjusting journal entry required for the year. Assume instead that Chipman uses the aging of accounts receivable method and estimates that $82 of its Accounts Receivable will be uncollectible. 3. Assume instead that Chipman uses the aging of accounts receivable method and estimates that $82 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 $22 4. If one of Chipman's main customers declared bankruptcy after year-end, what journal entry would be used to write off its $20 balance? Complete this question by entering your answers in the tabs below. Required Required Required Required L2 3 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. (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.) 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. Transaction General Journal Debit Credit