ezto.mheducation.com/hm.tpx3. Assume instead that Chipman uses the aging of accounts receivable method and estimates that $73of its Accounts Receivable will be uncollectible. Prepare the year-end adjusting journal entry forrecording Bad Debt Expense. Also, assume Chipman's year-end unadjusted balance in Chipman'sAllowance for Doubtful Accounts was a debit balance of $34. (If no entry is required for atransaction/event, select "No Journal Entry Required" in the first account field.)View transaction listJournal entry worksheet<Record the adjusting entry for bad debts using the aging of accountsreceivable method.Note: Enter debits before credits.TransactionGeneral JournalDebitCredit1Record entryClear entryView general journalo 4. If one of Chipman's main customers declared bankruptcy after year-end, what journal entry would beused to write off its $10 balance? (If no entry is required for a transaction/event, select "NoJournal Entry Required" in the first account field.)View transaction listJournal entry worksheet1Record the write-off certain customer account which is not collectible due tobankruptcy declared by the customer totaling $10.Note: Enter debits before credits.CreditDebitGeneral JournalTransactionClear entryView general journalRecord entry4

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Asked Oct 20, 2019
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ezto.mheducation.com/hm.tpx
3. Assume instead that Chipman uses the aging of accounts receivable method and estimates that $73
of its Accounts Receivable will be uncollectible. Prepare the year-end adjusting journal entry for
recording Bad Debt Expense. Also, assume Chipman's year-end unadjusted balance in Chipman's
Allowance for Doubtful Accounts was a debit balance of $34. (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 method.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
1
Record entry
Clear entry
View general journal
o
help_outline

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ezto.mheducation.com/hm.tpx 3. Assume instead that Chipman uses the aging of accounts receivable method and estimates that $73 of its Accounts Receivable will be uncollectible. Prepare the year-end adjusting journal entry for recording Bad Debt Expense. Also, assume Chipman's year-end unadjusted balance in Chipman's Allowance for Doubtful Accounts was a debit balance of $34. (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 method. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal o

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4. If one of Chipman's main customers declared bankruptcy after year-end, what journal entry would be
used to write off its $10 balance? (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
1
Record the write-off certain customer account which is not collectible due to
bankruptcy declared by the customer totaling $10.
Note: Enter debits before credits.
Credit
Debit
General Journal
Transaction
Clear entry
View general journal
Record entry
4
help_outline

Image Transcriptionclose

4. If one of Chipman's main customers declared bankruptcy after year-end, what journal entry would be used to write off its $10 balance? (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 1 Record the write-off certain customer account which is not collectible due to bankruptcy declared by the customer totaling $10. Note: Enter debits before credits. Credit Debit General Journal Transaction Clear entry View general journal Record entry 4

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Expert Answer

Step 1

Note 1: We will answer the first question according to our honor code. Please submit a new question  you’d like answered.

Step 2

Journal entry refers to the recording of day to day economic & non-economic transactions of a business. It includes an entry made by crediting one account and debiting the another.

Step 3

Given:

Uncollectible accounts receivable: $73

Debit balance in allowance for doubtful debts: $34

The journal entry will involve a debit to the bad debt expense account. Bad debt expense account will be debited with the value of estimated...

Debit (S)
Credit ($)
Transaction General ledger
Bad debt expense
.... Allowance for doubtful debt
(to record bad debt expense for the year)
107
107
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Debit (S) Credit ($) Transaction General ledger Bad debt expense .... Allowance for doubtful debt (to record bad debt expense for the year) 107 107

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