The following transactions occurred over the months of September to December at Nicole's Getaway Spa (NGS) September October November December Sold spa merchandise to Ashley Welch Beauty for $1,550 on account; the cost of these goods to NGS was $800. Sold merchandise to Kelly Fast Nail Gallery for $35e on account the cost of these goods to NGS was $150. Sold merchandise to Raea Gooding Wellness for $200 on account the cost of these goods to NGS was $140. Received $1,ese 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 2% two months, 5%: three months, 20%, more than three months, 35% 3. The Allowance for Doubtful Accounts balance was $42 (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 recevable of $750, and net sales for the current year are $8.500. Calculate the accounts receivable turnover ratio. 5. Audrey's Mineral Spa has an accounts recevable turnover ratio of 8.0 times. How does NGS compare to this competitor? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 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, 2% two months. 59; three months, 20% more than three months. 35%. Estimated Uncollectible One More The North 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 $1,550 on account the cost of these goods to NGS was see October Sold merchandise to Kelly Fast Nail Gallery for $350 on account the cost of these goods to NGS was $15e Saldanh November Sold merchandise to Rea Gooding Wellness for $200 on account the cost of these goods to NGS was $140 Deceber Received $1.ese 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, 296 two months, 5% three months. 20% more than three months. 35% 3. The Allowance for Doubtful Accounts balance was $42 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 $750, and net sales for the current year are $8.500. Calculate the accounts receivable turnover ratio. 5. Audrey's Mineral Spa has an accounts receivable turnover ratio How does NGS compare to this competitor TO 00 08 S Complete this question by entering 2 3 Required i Required 2 Re R ead ce vas 542 (credit) before the end-of-p oc adjusting entry is made The Allowance for Doubtful Account balance was 542 journal entry to account for the Bad Debt Expense. If Required in the first account field) No Transaction General Journal Required 2 Required 4 > The following transactions occurred over the months of September to December at Nicole's Getaway Spa (NGS). September October November December Sold spa merchandise to Ashley Welch Beauty for $1.550 on account the cost of these goods to NGS was $800. Sold merchandise to Kelly Fast Nail Gallery for $350.o account the cost of these goods to NGS was $150. Sold merchandise to Raea Gooding Wellness for $200 on account the cost of these goods to NGS Was $140. Received 31,ese from Ashley Welch Beauty for patient 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, 2%; two months, 5%; three months. 20% more than three months, 35% 3. The Allowance for Doubtful Accounts balance was $42 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 $750, and net sales for the current year are $8.500. Calculate the accounts recevable turnover ratio 5. Audrey's Mineral Spa has an accounts receivable turnover ratio of 8.0 times. How does NGS compare to this competitor? Answer is not complete. Complete this question by entering your answers in the tabs below. equired. Required 2 Required) Required Asume the end of the previous year showed net accounts receivable of $750, and net sales for the current year are 58.500 Calculate the accounts receivable turnover ratio. Do not round intermediate ca culations. Found your answer to 1 decimal place) counts Receivable Required: Required
