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 $1,850 on account; the cost of these goods to NGS was $920. Sold merchandise to Kelly Fast Nail Gallery for $470 on account; the cost of these goods to NGS was $210. Sold merchandise to Raea Gooding Wellness for $320 on account; the cost of these goods to NGS was $200. Received $1,230 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, 3%; two months, 5%; three months, 20%; more than three months, 30%. 3. The Allowance for Doubtful Accounts balance was $48 (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 $810, and net sales for the current year are $9,100. Calculate the accounts receivable turnover ratio. 5. Audrey's Mineral Spa has an accounts receivable turnover ratio of 12.0 times. How does NGS compare to this competitor? No Date General Journal Debit Credit 1 September Accounts Receivable 1,850 Sales Revenue 1,850 2 September Cost of Goods Sold 920 Inventory 920 3 October Accounts Receivable 470 Sales Revenue 470 4 October Cost of Goods Sold 210 Inventory 210 5 November Accounts Receivable 320 Sales Revenue 320 6 November Cost of Goods Sold 200 Inventory 200 7 December Cash 1,230 Accounts Receivable 1,230 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, 3%; two months, 5%; three months, 20%; more than three months, 30%. Estimated Uncollectible One Month Two Months Three Months More than Three Months Total $ 0 The Allowance for Doubtful Accounts balance was $48 (credit) before the end-of-period adjusting entry is made. Prepare the journal entry to account for the Bad Debt Expense. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry for bad debts using the aging of accounts receivable. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Required 5 Assume the end of the previous year showed net accounts receivable of $810, and net sales for the current year are $9,100. Calculate the accounts receivable turnover ratio. (Do not round intermediate calculations. Round your final answer to 1 decimal place) Accounts Receivable Turnover Ratio times Required 1 Required 2 Required 3 Required 4 Required 5 Audrey's Mineral Spa has an accounts receivable turnover ratio of 12.0 times. How does NGS compare to this competitor? Nicole's Getaway Spa is in collecting receivables from customers than its competitor