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The following transactions occurred over the months of September to December at Nicole's Getaway Spa (NGS) September Sold spa merchandise to Ashley Welch Beauty for $2,150 on account, the cost of these goods to mos was $1,040. October Soid merchandise to Kelly Fast Nail Gallery for $590 on account; the cost of these goods to mos was $270. November Sold merchandise to sea Gooding Welines for $440 on account the cost of these goods to me was $260. December Received $1.410 from Ashley Welch Beauty for payment 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 $54 (credit) before the end-of-perlod 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 $870, and net sales for the current year are $9.700. Calculate the accounts receivable turnover ratio. 5. Audrey's Mineral Spa has an accounts receivable turnover ratio of 12.0 times. How does NGS compare to this competitor? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 2 Required 1 Required 3 Required 4 Required 5 Prepare journal entries for each of the transactions. Assume a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Debit No General Journal Crean Dato 2.150 1 September Accounts Receivable Sales Revenue 0 2.150 1,040 2 September Cost of Goods Sold Inventory OO 1.040 500 3 October Accounts Receivable Sales Revenue olo 590 270 4 October Cost of Goods Sold Inventory OOO 270 440 5 November Accounts Receivable Sales Revenue 440 200 6 November 200 Cost of Goods Sold Inventory 1410 7 December Cash Accounts Receivable 1410 O equired: Prepare journal entries for each of the transactions. Assume a perpetual inventory system. Estimate the Allowance for Doubtful Accounts required at December 31, assuming the only receivables outstandir arise from the transactions listed above. NGS uses the aging of accounts receivable method with the following un one month, 3%; two months, 5%; three months, 20%; more than three months, 30% The Allowance for Doubtful Accounts balance was $54 (credit) before the end-of-period adjusting entry is made. F entry to account for the Bad Debt Expense. .. Assume the end of the previous year showed net accounts receivable of $870, and net sales for the current year Calculate the accounts receivable turnover ratio. 5. Audrey's Mineral Spa has an accounts receivable turnover ratio of 12.0 times. How does NGS compare to this com Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare journal entries for each of the transactions. Assume a perpetual Inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) NO Dato General Journal Credit Debit 2.150 1 September Accounts Receivable Sales Revenue 2.150 2 September 1,040 Cost of Goods Sold Inventory pol 1,040 3 October 590 Accounts Receivable Sales Revenue olo 590 October 270 Cost of Goods Sold Inventory 270 5 November 440 Accounts Receivable Sales Revenue 440 6 November 260 Cost of Goods Sold Inventory olo 260 -7 December 1,410 Cash Accounts Receivable 3 1,410 Rogur Required 2 > Check my work mode: This shows what The following transactions occurred over the months of September to December at Nicole's Getaway Spa (NGS). September Sold spa merchandise to Ashley Welch Beauty for $2,150 on account the cost of these goods to NGS W $1,040. October Soid merchandise to Kelly Tast Nail Gallery for $590 on account, the cost of these goods to NGS was November Sold merchandise to Raca Gooding Wellness for $440 on account the cost of these goods to Nos was $2 December Received $1,410 from Ashley Welch Beauty for payment 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 Dec arise from the transactions listed above. NGS uses the aging of accounts receivable method with the following uncollectible one month, 3%; two months, 5% three months, 20%, more than three months, 30% 3. The Allowance for Doubtful Accounts balance was $54 (credit) before the end-of-period adjusting entry is made. Prepare th entry to account for the Bad Debt Expense. 4. Assume the end of the previous year showed net accounts receivable of $870, and net sales for the current year are $9.70 Calculate the accounts receivable turnover ratio. 5. Audrey's Mineral Spa has an accounts receivable turnover ratio of 12.0 times. How does NGS compare to this competitor? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 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%. Estimated Uncollectible One Month Two Months Three Month More than Three Months Total $ 133 118 222 353 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 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 $54 (credit) before the end-of-period adjusting entry is made. Prepare the jour entry to account for the Bad Debt Expense. 4. Assume the end of the previous year showed net accounts recelvable of $870, and net sales for the current year are $9,700. Calculate the accounts receivable turnover ratio. 5. Audrey's Mineral Spa has an accounts receivable turnover ratio of 12.0 times. How does NGS compare to this competitor? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 The Allowance for Doubtful Accounts balance was $54 (credit) before the end-of-period adjusting entry is made. Prepare the Journal entry to account for the Bad Debt Expense. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) No Transaction General Journal Credit Debit 299 1 Bad Debt Expense Allowance for Doubtful Accounts 299 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 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 $54 (credit) before the end-of-period adjusting entry is made. Prepare the jou entry to account for the Bad Debt Expense, 4. Assume the end of the previous year showed net accounts receivable of $870, and net sales for the current year are $9,700, Calculate the accounts receivable turnover ratio. 5. Audrey's Mineral Spa has an accounts receivable turnover ratio of 12.0 times. How does NGS compare to this competitor? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required Required 5 Assume the end of the previous year showed net accounts receivable of $870, and net sales for the current year are $9,700 Calculate the accounts receivable turnover ratio. (Do not round Intermediate calculations. Round your final answer to 1 decimal place) Accounts Receivable Turnover Ratio times one month, 3%; two months, 5%; three months, 20%, more than three months, 30%. 3. The Allowance for Doubtful Accounts balance was $54 (credit) before the end-of-period adjusting entry is made. Prepare entry to account for the Bad Debt Expense. 4. Assume the end of the previous year showed net accounts receivable of $870, and net sales for the current year are $9.7 Calculate the accounts receivable turnover ratio. 5. Audrey's Mineral Spa has an accounts receivable turnover ratio of 12.0 times. How does NGS compare to this competitor? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Flequired Audrey's Mineral Spa has an accounts receivable turnover ratio of 12.0 times. How does NGS compare to this competitor? Nicole's Gotoway Spais in collecting receivables from customers than its competitor

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