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Complete this question by entering your answers in the tabs below. Estimate the Allowance for Doubtful Accounts required at December 31, assuming the only receivable December 31 arise from the transactions listed above. NGS uses the aging of accounts receivable me uncollectible rates: one month, 2%; two months, 5%; three months, 20%; more than three months, The Allowance for Doubtful Accounts balance was $53 (credit) before the end-of-period adjusting entry is mad entry to account for the Bad Debt Expense. (If no entry is required for a transaction/event, select "No Journal account field.) Journal entry worksheet Record the adjusting entry for bad debts using the aging of accounts receivable. Note: Enter debits before credits. Prepare journal entries for each of the transactions. Assume a perpetual inventory system. (If n transaction/event, select "No Joumal Entry Required" in the first account field.) CC8-1 (Algo) Accounting for Receivables and Uncollectible Accounts [LO 8-2, LO 8-4] The following transactions occurred over the months of September to December at Nicole's Getaway Spa (NGS). October Sold merchandise to Kelly Fast Mail Gallery for $570 on account; the cest of these geods to Nas uas $260. Decenber fleceived $1, Jho fros Ashley Welcb Beauty for payeant on its account. Required: 1. Prepare joumal entries for each of the transactions. Assume a perpetual inventory system. 2. Estimate the Allowance for Doubtul Accounts required at December 31 , assuming the only recelvables outstanding at December 31 arise from the transactions listed above. NGS uses the aging of accounts recelvable method with the following uncollectible rates: one month, 2\%; two months, 5%; three months, 20%; more than three months, 35%. 3. The Allowance for Doubtful Accounts balance was $53 (credii) before the end-of-period adjusting entry is made. Prepare the joumal entry to account for the Bad Debt Expense: 4. Assume the end of the previous year showed net accounts recelvable of $860, and net sales for the current year are $9,600. Calculate the accounts recelvable turnover ratio. 5. Audrey's Mineral Spa has an accounts tecelvable turnover ratio of 12.0 times. How does NGS compare to this competitor? Complete this question by entering your answers in the tabs below. Assume the end of the previous year showed net accounts receivable of $860, and net sales for the current year are $9,600. Calculate the accounts receivable turnover ratio. (Do not round intermediate calculations. Round your final answer to 1 decimal place)
