PB8-1 (Algo) Recording Accounts Receivable Transactions Using the Allowance Method [LO 8-2] Chipman Sofware recently reported the following amounts in its unadjusted trial balance at its year-end: 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 and no Bad Debt Expense has been recorded yet. 2. Prepare the adjusting Jounal entry required for the year. Assume instead that Chipman uses the aglng of accounts recelvable method and estimates that $77 of its Accounts Recelvable will be uncollectible. 3. Assume instead that Chipman uses the aging of accounts recelvable method and estimates that \$7/ 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 Doubttul Accounts was a debit balance of $38 4. If one of Chipman's main customers declared bankruptcy after year-end what journal entry would be used to write off its $25 balance? Complete this question by entering your answers in the tabs below. Prepare the adjusting fournal 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 bebt Expense has been recorded yet. IIf no entry is required for a tronsyction/event. select "No Journal