ication.com/ext/map/index.ht Saved The following transactions occurred over the months of September to December at Nicole's Getaway Spa (NGS). September Sold spa merchandise to Ashley Welch Beauty for $1,500 on account; the cost of these goods to NGS was $780. October Sold merchandise to Kelly Fast Nail Gallery for $330 on account; the cost of these goods to NGS was $140. November Sold merchandise to Raea Gooding Wellness for $180 on account; the cost of these goods to NGS was $130. December Received $1,028 from Ashley Welch Beauty for payment on its account. Required: 1. Prepare journal entries for each of the transactions. Assume a perpetual inventory system. 2. Estimate the Allowance for Doubtful Accounts required at December 31, assuming the only receivables outstanding at December 31 arise from the transactions listed above. NGS uses the aging of accounts receivable method with the following uncollectible rates: one month, 3%, two months, 5%; three months, 20%, more than three months, 30% 3. The Allowance for Doubtful Accounts balance was $41 (credit) before the end-of-period adjusting entry is made. Prepare the journal entry to account for the Bad Debt Expense. 4. Assume the end of the previous year showed net accounts receivable of $740, and net sales for the current year are $8,400 Calculate the accounts receivable turnover ratio. 5. Audrey's Mineral Spa has an accounts receivable turnover ratio of 8.0 times. How does NGS compare to this competitor? ces Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare journal entries for each of the transactions. Assume a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Date: General Journal 1 September No Transaction Recorded Required 2 > Debit Credit The following transactions occurred over the months of September to December at Nicole's Getaway Spa (NGS). September Sold spa merchandise to Ashley Welch Beauty for $1,500 on account; the cost of these goods to NGS was $780. October Sold merchandise to Kelly Fast Nail Gallery for $330 on account; the cost of these goods to NGS was $140. November Sold merchandise to Raea Gooding Wellness for $100 on account; the cost of these goods to NOS was $130. December Received $1,020 from Ashley Welch Beauty for payment on its account. Required: 1. Prepare journal entries for each of the transactions. Assume a perpetual inventory system 2. Estimate the Allowance for Doubtful Accounts required at December 31, assuming the only receivables outstanding at December 31 arise from the transactions listed above. NGS uses the aging of accounts receivable method with the following uncollectible rates: one month, 3% two months, 5% three months, 20%; more than three months, 30% 3. The Allowance for Doubtful Accounts balance was $41 (credit) before the end-of-period adjusting entry is made. Prepare the journal entry to account for the Bad Debt Expense. 4. Assume the end of the previous year showed net accounts receivable of $740, and net sales for the current year are $8,400. Calculate the accounts receivable turnover ratio. 5. Audrey's Mineral Spa has an accounts receivable turnover ratio of 8.0 times. How does NGS compare to this competitor? erences Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Estimate the Allowance for Doubtful Accounts required at December 31, assuming the only receivables outstanding at December 31 arise from the transactions listed above. NGS uses the aging of accounts receivable method with the following uncollectible rates: one month, 3%; two months, 5%; three months, 20%; more than three months, 30%. Estimated Uncollectible One Month Two Months Three Months More than Three Months Total $ 0 Required 1 Required 3 > Record the adjusting entry for bad debts using the aging of accounts receivable. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Assume the end of the previous year showed net accounts receivable of $740, and net sales for the cu Calculate the accounts receivable turnover ratio. (Do not round intermediate calculations. Round your decimal place) Accounts Receivable Turnover Ratio times Audrey's Mineral Spa has an accounts receivable turnover ratio of 8.0 times. How does NGS compare to this Nicole's Getaway Spa is in collecting receivables from customers than its competitor