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ework Chipman Sofware recently reported the following amounts in its unadjusted trial balance at its year-end: Accounts Receivable Allowance for Doubtful Accounts $2,400 $ 32

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ework Chipman Sofware recently reported the following amounts in its unadjusted trial balance at its year-end: Accounts Receivable Allowance for Doubtful Accounts $2,400 $ 32 38,000 Required 1. Prepare the adjust 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 $74 of its Accounts Receivable will ing 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 method and estimates that $74 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 unadjusted balance in Allowance for Doubtful Accounts was a debit balance of $35. 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. red 2 Required 3 Required 4 ipman's main customers declared bankruptcy after year-end, what journal entry would be used to write off its $20 balance? If no entry is required for a transaction/event, seect "No Journal Entry Required. inne inst account meld lournal entry worksheet Help Required 1 Prepare the adjusting 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. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field. Round your final a View transaction list Journal entry worksheet Record the entry for bad debt expenses under the percentage of credit sales method. erences View g Clear entry Record entry method 12 Journal entry worksheet points 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 $20. Note: Enter debits before credits. References General Journal Debit View ge Clear entry Record entry

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