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 $1,450 on account; the cost of these goods to NGS was $760. Sold merchandise to Kelly Fast Nail Gallery for $310 on account; the cost of these goods to NGS was $130. Sold merchandise to Raea Gooding Wellness for $160 on account; the cost of these goods to NGS was $120. Received $990 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, 1%; two months, 5%, three months, 20%, more than three months, 40%. 3. The Allowance for Doubtful Accounts balance was $40 (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 $730, and net sales for the current year are $8,300. Calculate the accounts receivable turnover ratio. 5. Audrey's Mineral Spa has an accounts receivable turnover ratio of 8.0 times. How does NGS compare to this competitor? Required 1 Required 2 Required 3 Required 4 Required 5 Estimate the Allowance for Doubtful Accounts required at December 31, assumi December 31 arise from the transactions listed above. NGS uses the aging of ac uncollectible rates: one month, 1%; two months, 5%; three months, 20%; mor Estimated Uncollectible One Month Two Months Three Months More than Three Months Total Required 1 Required 2 Required 3 Required 4 Required 5 The Allowance for Doubtful Accounts balance was $40 (credit) before the end-of-period adjusting entry is made. Prepare the jo entry to account for the Bad Debt Expense. (If no entry is required for a transaction/event, select "No Journal Entry Required" account field.) View transaction list View journal entry worksheet No Transaction Debit Credit General Journal Bad Debt Expense Allowance for Doubtful Accounts Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Assume the end of the previous year showed net accounts receivable of $ 730, and net sales for the current ye Calculate the accounts receivable turnover ratio. (Do not round intermediate calculations. Round your final an: decimal place) Accounts Receivable Turnover Ratio times Required 5 > This is a numeric cell, so please enter numbers only. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Audrey's Mineral Spa has an accounts receivable turnover ratio of 8.0 times. How does NGS compare to this competito Nicole's Getaway Spa is in collecting receivables from customers than its competitor. faster slower