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 1/2 of 1 percent of sales to.estimate its Bad Debt Expense for the year and no Bod Debt Expense has been recorded yet. 2. Prepare the adjusting joumal entry required for the year. Assume instead that Chipman uses the aging of accounts receivable method and estimates that $79 of its Accounts Recelvable will be uncollectible. 3. Assume instead that Chipman uses the aging of accounts receivable method and estimates that $79 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 $40. 4. If one of Chipman's main customers declared bankruptcy after year-end, what journal entry would be used to write off its $10 balance? Complete this question by entering your answers in the tabs below. 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 and no Bad Debt Expense has been recorded yet. (If no entry is required for a transactionvevent, select "No Journal Entry Required" in the first occount field. Round your final answer to the nearest whole dollar.) Journal entry worksheet Complete this question by entering your answers in the tabs below. Prepare the adjusting joumal entry required for the year. Assume Chipman uses 1/2 of 1 percent of sales to estimate its Bad Debt Expense for the year and no Bad Debt Expense has been recorded yet. (If no entry is required for a transaction/event, seiect "No Journal Expense for the year and no Bad Debt Expense has been recorded yet. (ir no entry is required Entry Required" in the first account field. Round your final answer to the nearest whole doltar) Journal entry worksheet Record the entry for bad debt expenses under the percentage of credit sales method Note Enter debits before credits Prepare the adjusting joumal entry required for the year. Assume instead that Chipman uses the aging of accounts recelvable method and estimates that $79 of its Accounts Recelvable will be uncollectible. (If no entry is requirod for a transaction/event, select "No Journal Entry Requilred in the first account ficld.) Journal entry worksheet Record the entry for bad debt expenses under the aging of accounts receivable method. Notei Lnter debit beicee credits. Complete this question by entering your answers in the tabs below. Assume instead that Chipman uses the aging of accounts recelvable method and estimates that $79 of its Accounts Recelvable will be unsollectible. Prepare the year-end adjusting joumal entry for recording Bad Debt Expense. Assume Chipman's year-end unadjusted balonce in Allowance for Doubtful Accounts was a debit balance of $40. (If no entry is required for a transactionvevent; select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the adjusting entry for bad debts, using the aging of accounts recelvable method. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. If one of Chipman's main customers deciared bankruptcy after year-end, what journal entry would be used to write off its $10 balance? (If no entry is required for a transaction/event, select "No Joumal Entry Required" in the first account field.) Journal entry worksheet Record the write-off certain customer account which is not collectible due to bankruptcy declared by the customer totaling $10. Notei Enter debits before credits
