8-1 (Algo) Recording Accounts Receivable Transactions Using the Allowance Method [LO 8-2] pman Sofware recently reported the following amounts in its unadjusted trial balance at its year-end: Debits Credits Accounts Receivable $ 3,700 Allowance for Doubtful Accounts $ 40 Sales (assume all on credit) 51, 000 quired: Prepare the adjusting journal entry required for the year. Assume Chipman uses 3/4 of 1 percent of sales to estimate its Bad De Expense for the year and no Bad Debt Expense has been recorded yet. Prepare the adjusting journal entry required for the year. Assume instead that Chipman uses the aging of accounts receivable method and estimates that $87 of its Accounts Receivable will be uncollectible. Assume instead that Chipman uses the aging of accounts receivable method and estimates that $87 of its Accounts Receivable be uncollectible. Prepare the year-end adjusting journal entry for recording Bad Debt Expense. Assume Chipman's year-end unadjusted balance in Allowance for Doubtful Accounts was a debit balance of $27. If one of Chipman's main customers declared bankruptcy after year-end, what journal entry would be used to write off its $15 balance? Complete this question by entering your