8. A company allows its customers to use Visa credit cards to charge purchases. Visa charges a 2.5% fee. Assume that on April 13, the company sold merchandise for $20,000 to customers, that cost $12,500 to the company. Prepare the company's journal entry to record the credit card sales for April 13. 9. Match each of the following terms with the appropriate definitions. A. Maker of a note B. Bad debts C. Aging of accounts receivable D. Interest E. Promissory note F. Payee of a note G. Accounts receivable H. Allowance for doubtful accounts I. Realizable value J. Expense recognition principle 1. Amounts due from customers for credit sales. 2. A process of classifying accounts receivable by how long it is past its due date for the purpose of estimating the amount of uncollectible accounts. 3. A written promise to pay a specified amount of money, usually with interest, either on demand or at a stated future date. 4. The amount expected to be received from an account receivable. 5. The uncollectible accounts of credit customers. 6. The accounting principle that requires expenses to be reported in the same period as the sales they helped to produce. 7. The charge for using money until its due date. 8. A contra asset account with a balance approximating the amount of accounts receivable expected to be incollectible. 9. The party who signs a note and promises to pay it at maturity. 10. The party to whom the promissory note is payable. 6. The Links Company estimates that 1% of its $1,900,000 of credit sales would be uncollectible. Prepare the journal entry for this on December 31. If the Allowance for doubtful accounts has a credit balance of $4,000 before this adjusting entry, what is the balance in the account AFTER the journal entry? a. Journal entry: b. Balance: 7. On April 1, Orman Company sold $80,000 of accounts receivable to First Savings and incurred a 3% factoring fee. Prepare the journal entry for Orman Company to record the sale