1 po 10) The Toronto Raptors received $6 million in season ticket sales. Prior to the beginning of the basketball season, these sales are recorded as a credit to unearned season ticket revenue. O True O False 7 points 32) Buy Best Company sells personal computers for $2,300 each. The price includes a two-year warranty. During 2015, the company sells 600 computers. On the basis of past experience, the warranty costs are estimated to be $150 per computer. The actual warranty costs paid by Buy Best during 2015 were $45,000. Prepare general journal entries to record the estimated warranty expense and the warranty payments during 2015, 7 points 33) Parker, Smith, and James form a partnership. Parker contributes $60,000 cash and Smith contributes $20,000 in cash. James contributes equipment with a fair value of $25,000. Prepare the journal entry to record the formation of the partnership. 7 points 34) On June 18, 2020, Woods Co. received from one of its customers, Webb Co., a 90 day, 11%, $6,000 note receivable, in exchange for contract services provided. Woods Co. has a March 31 year end. Webb Co. honoured the note at maturity. Prepare the entries for the issuance and the maturity of the note. Vour answer 35) Joy Co. uses the allowance method of accounting for bad debts. Their 7 points Allowance for Doubtful Accounts has a year-end credit balance, prior to adjustment, of $700. The bad debts are estimated at 3% of $600,000, the net credit sales. Prepare the year end adjusting journal entry for bad debt expense