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x + h.08 Homework (GRADED) ezto.mheducation.com/hm.tpx C Chipman software recently reported the following amounts in its unadjusted trial balance at its year-end: Credits Debits $2,300 Accounts Receivable Allowance for Doubtful Accounts Sales (assume all on credit) 40 $ 37,000 Required: 1&2. Prepare the adjusting journal entry required for the year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to nearest whole dollar amount.) () Assume Chipman uses 1/2 of 1 percent of sales to estimate its Bad Debt Expense for the year (ii) Assume instead that Chipman uses the aging of accounts receivable method and estimates that $73 of its Accounts Receivable will be uncollectible. View transaction list Journal entry worksheet 2 Record the adjusting entry for bad debts using percent credit sales method. Note: Enter debits before credits. Credit Debit General Journal Transaction s

x + h.08 Homework (GRADED) ezto.mheducation.com/hm.tpx C Chipman software recently reported the following amounts in its unadjusted trial balance at its year-end: Credits Debits $2,300 Accounts Receivable Allowance for Doubtful Accounts Sales (assume all on credit) 40 $ 37,000 Required: 1&2. Prepare the adjusting journal entry required for the year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to nearest whole dollar amount.) () Assume Chipman uses 1/2 of 1 percent of sales to estimate its Bad Debt Expense for the year (ii) Assume instead that Chipman uses the aging of accounts receivable method and estimates that $73 of its Accounts Receivable will be uncollectible. View transaction list Journal entry worksheet 2 Record the adjusting entry for bad debts using percent credit sales method. Note: Enter debits before credits. Credit Debit General Journal Transaction s

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Do part 1 and 2 journal entries 

x + h.08 Homework (GRADED) ezto.mheducation.com/hm.tpx C Chipman software recently reported the following amounts in its unadjusted trial balance at its year-end: Credits Debits $2,300 Accounts Receivable Allowance for Doubtful Accounts Sales (assume all on credit) 40 $ 37,000 Required: 1&2. Prepare the adjusting journal entry required for the year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to nearest whole dollar amount.) () Assume Chipman uses 1/2 of 1 percent of sales to estimate its Bad Debt Expense for the year (ii) Assume instead that Chipman uses the aging of accounts receivable method and estimates that $73 of its Accounts Receivable will be uncollectible. View transaction list Journal entry worksheet 2 Record the adjusting entry for bad debts using percent credit sales method. Note: Enter debits before credits. Credit Debit General Journal Transaction s
Transcribed Image Text:x + h.08 Homework (GRADED) ezto.mheducation.com/hm.tpx C Chipman software recently reported the following amounts in its unadjusted trial balance at its year-end: Credits Debits $2,300 Accounts Receivable Allowance for Doubtful Accounts Sales (assume all on credit) 40 $ 37,000 Required: 1&2. Prepare the adjusting journal entry required for the year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to nearest whole dollar amount.) () Assume Chipman uses 1/2 of 1 percent of sales to estimate its Bad Debt Expense for the year (ii) Assume instead that Chipman uses the aging of accounts receivable method and estimates that $73 of its Accounts Receivable will be uncollectible. View transaction list Journal entry worksheet 2 Record the adjusting entry for bad debts using percent credit sales method. Note: Enter debits before credits. Credit Debit General Journal Transaction s
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