PB8-1 Recording Accounts Receivable Transactions Using the Allowance Method [LO 8-2] Chipman software recently reported the following amounts in its unadjusted trial balance at its year-end Credits Debits $ 2,500 Accounts Receivable Allowance for Doubtful Accounts Sales (assume all on credit) $ 24 39,000 Required 1&2. Prepare the adjusting journal entry required for the year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to nearest whole dollar amount.) (1) Assume Chipman uses 3/4 of 1 percent of sales to estimate its Bad Debt Expense for the year (ii) Assume instead that Chipman uses the aging of accounts receivable method and estimates that $75 of its Accounts Receivable will be uncollectible View transaction list 1 Record the adjusting entry for bad debts using percent credit sales method ethod 2 Record the adjusting entry for bad debts using the aging of accounts receivable method Credit Note :journal entry has been entered Record entry Clear entry View general journal