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November Sold merchandise to Raea cooding Wellnesn for $340 on accoant; the cost of these qoods to vics was $210. December. Recelved $1,260 from Mnhley Welch Beasty for payment on ite accoant. 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 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, 1%; two months, 5%; three months, 20%; more than three months, 40%. 3. The Allowance for Doubtful Accounts balance was $49 (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 $820, and net sales for the current year are $9,200. Calculate the accounts recelvable turnover ratio. 5. Audrey's Mineral Spa has an accounts recelvable turnover ratio of 12.0 times. How does NGS compare to this competitor? Complete this question by entering your answers in the tabs below. 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 recelvable method with the following uncollectible rates: one month, 1%; two months, 5%; three months, 20%; more than three months, 40%. The following transactions occurred over the months of September to December at Nicole's Getaway Spa (NGS). September Sold spa serchandise to Anhley Welch Beauty for 51,900 on account; the cont of thene goods to wes was $940. October Sold merchandise to Kelly Fast Nall Gallery for $490 on account; the cost of these goods to ncs was $220. November sold merchandise to Raes Gooding Welinens for $340 on account; the cost of these goods to sics wos 5210 . December Received $1,260 from Ashley weleh Beauty for payment on its account. Required: 1. Prepare joumal 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 uncoliectible rates: one month, 1%; two months, 5%; three months, 20%; more than three months, 40%. 3. The Allowance for Doubtful Accounts balance was $49 (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 $820, and net sales for the current year are $9,200. Calculate the accounts recelvable turnover ratio. 5. Audrey's Mineral Spa has an accounts receivable 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 $820, and net sales for the current year are $9,200. Calculate the accounts receivable turnover ratio. (Do not round intermediate calculations. Round your final answer to 1 decimal place)