Chipman Software recently reported the following

amounts in its unadjusted #2778

Chipman Software recently reported the following amounts in its unadjusted trial balance at its
year-end:Required:1. Chipman uses ¼ of 1 percent of sales to estimate its Bad Debt Expense
for the year. Prepare the adjusting journal entry required for the year, assuming no Bad Debt
Expense has been recorded yet.2. Assume instead that Chipman uses the aging of accounts
receivable method and estimates that $ 80 of its Accounts Receivable will be uncollectible.
Prepare the year-end adjusting journal entry for recording Bad Debt Expense.3. Repeat
requirement 2, except this time assume Chipman’s year-end unadjusted balance in Allowance
for Doubtful Accounts was a debit balance of $ 20.4. If one of Chipman’s main customers
declared bankruptcy after year-end, what journal entry would be used to write off its $ 15
balance?View Solution:
Chipman Software recently reported the following amounts in its unadjusted

ANSWER
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