The following transactions occurred over the months of September to December at Nicole's Getaway Spa (NGS). Soptember Sold spe nerehandise to Ashley Weleh Beauty for $1,500 on account; the cost of these goods to NGS vai $780. october sold merchandise to Kelly Paat Nail Gallery for $330 on aceount, the cont of these gooda to NGs was \$140. November sold nerchandise to Raea Gooding Mellness for $180 on account; the cost of these goods to Nos was $130. Decenber Received $1,020 frod Aahley Weleh Beauty for paynont 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 $41 (credit) before the end-of-period adjusting entry is made. Prepare the joumal entry to account for the Bad Debt Expense. 4. Assume the end of the previous year showed net accounts recelvable of $740, and net sales for the current year are $8,400 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? (2) Answer is not complete. 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 ot December 31 arise from the tronsoctions listed above. NGS uses the aging of accounts recelvable method with the following uncoliectible rates: one morth, 3\%; two months, 5%; three months, 20\%; more than three months, 30%. The following transactions occurred over the months of September to December at Nicole's Getaway Spa (NGS). Septeaber sold spa merohandise to Mshley Weleh Benuty for $1,500 on account, the cost of these goods to MG5 vaa 5730 . October sold nerehandine to kelly Tane liail Gallery for \$3io on accouat the cont of the pe goode to ses vas 5160. becenber Hecelved \$1,020 from Askley Weleh leasty for paysent on les acoount. Aequired: 1. Propare joumal entries for eoch of the transactions. Assume a perpetual inventory system. 2. Estimate the Aliowance for Doubtful Accounts required at December 31, assuming the only receivables outstanding at December 31 arise from the transactions listed above. NGS uses the aping of accounts recelvable method with the following uncollectible rates: one month, 3\%; two months, 5\%; three months, 20\%; more than three months, 30% 3. The Aliowance for Doubtful Accounts balance was \$A1 (credit) before the endi of-period adjusting entry is mede. Prepare the jourmal entry to account for the Bad Debt Expense. 4. Assume the end of the previous year showed net accounts receivable of $740, and net sales for the current year are $8,400. Calculate the accounts recelvable turnover ratio. 5. Audrey's Mineral 5 pa has an accounts feceivable furnover fatio of 8.0 times. How does NGS compere to this competitor? 8 Answer is not complete. Complete this question by entering your answers in the tabs below. The Alowance for Doubtful Aceounts balance was 341 (credit) before the end of-period adjusting entry is made. Prepare the loumal ertry to account for the Bad Debt Expense (it no entry is fequired for a transactionvevent, select "No Joumal entry fequired in the first account field.) The following transactions occurred over the months of September to December at Nicole's Getaway Spa (NGS) September sold sps nerchandise to ashley Weleh Beauty for $1,500 on account; the cont of thene goods to MaS was $780. October Sold nerehandise to Kelly Pant Nail callery for $330 on necount; the coat of these goods to NGs vas $140. Novenber sold nerchandise to Raea Gooding Whliness for $180 on account, the cost of these goode to MGs vau $130. beceaber geceived $1,020 from Alhley weleh leauty for payment on iti aceount. 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 recelvables outstanding at December 31 arise from the transactions listed above. NGS uses the aging of accounts recelvabie 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 wos $41 (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 $740, and net sales for the current year are $8.400. Caiculate the accounts receivable turnover ratio. 5. Audrey's Mineral Spa has an accounts recelvable 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. Assume the end of the previous year showed net accounts receivable of $740, and net sales for the current year are $8,400. Calculate the accounts recelvable turnover ratio. (Do not round intermediate calculations. Round your final answer to 1 decimal place) The following transactions occurred over the months of September to December at Nicole's Getaway Spa (NGS). Soptember Sold spe nerehandise to Ashley Weleh Beauty for $1,500 on account; the cost of these goods to NGS vai $780. october sold merchandise to Kelly Paat Nail Gallery for $330 on aceount, the cont of these gooda to NGs was \$140. November sold nerchandise to Raea Gooding Mellness for $180 on account; the cost of these goods to Nos was $130. Decenber Received $1,020 frod Aahley Weleh Beauty for paynont 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 $41 (credit) before the end-of-period adjusting entry is made. Prepare the joumal entry to account for the Bad Debt Expense. 4. Assume the end of the previous year showed net accounts recelvable of $740, and net sales for the current year are $8,400 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? (2) Answer is not complete. 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 ot December 31 arise from the tronsoctions listed above. NGS uses the aging of accounts recelvable method with the following uncoliectible rates: one morth, 3\%; two months, 5%; three months, 20\%; more than three months, 30%. The following transactions occurred over the months of September to December at Nicole's Getaway Spa (NGS). Septeaber sold spa merohandise to Mshley Weleh Benuty for $1,500 on account, the cost of these goods to MG5 vaa 5730 . October sold nerehandine to kelly Tane liail Gallery for \$3io on accouat the cont of the pe goode to ses vas 5160. becenber Hecelved \$1,020 from Askley Weleh leasty for paysent on les acoount. Aequired: 1. Propare joumal entries for eoch of the transactions. Assume a perpetual inventory system. 2. Estimate the Aliowance for Doubtful Accounts required at December 31, assuming the only receivables outstanding at December 31 arise from the transactions listed above. NGS uses the aping of accounts recelvable method with the following uncollectible rates: one month, 3\%; two months, 5\%; three months, 20\%; more than three months, 30% 3. The Aliowance for Doubtful Accounts balance was \$A1 (credit) before the endi of-period adjusting entry is mede. Prepare the jourmal entry to account for the Bad Debt Expense. 4. Assume the end of the previous year showed net accounts receivable of $740, and net sales for the current year are $8,400. Calculate the accounts recelvable turnover ratio. 5. Audrey's Mineral 5 pa has an accounts feceivable furnover fatio of 8.0 times. How does NGS compere to this competitor? 8 Answer is not complete. Complete this question by entering your answers in the tabs below. The Alowance for Doubtful Aceounts balance was 341 (credit) before the end of-period adjusting entry is made. Prepare the loumal ertry to account for the Bad Debt Expense (it no entry is fequired for a transactionvevent, select "No Joumal entry fequired in the first account field.) The following transactions occurred over the months of September to December at Nicole's Getaway Spa (NGS) September sold sps nerchandise to ashley Weleh Beauty for $1,500 on account; the cont of thene goods to MaS was $780. October Sold nerehandise to Kelly Pant Nail callery for $330 on necount; the coat of these goods to NGs vas $140. Novenber sold nerchandise to Raea Gooding Whliness for $180 on account, the cost of these goode to MGs vau $130. beceaber geceived $1,020 from Alhley weleh leauty for payment on iti aceount. 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 recelvables outstanding at December 31 arise from the transactions listed above. NGS uses the aging of accounts recelvabie 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 wos $41 (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 $740, and net sales for the current year are $8.400. Caiculate the accounts receivable turnover ratio. 5. Audrey's Mineral Spa has an accounts recelvable 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. Assume the end of the previous year showed net accounts receivable of $740, and net sales for the current year are $8,400. Calculate the accounts recelvable turnover ratio. (Do not round intermediate calculations. Round your final answer to 1 decimal place)