8. Calvin company has a note receivable dated October 1 in the amount of $20,000. The term is 3 months and the interest rate is 4%. What is the amount of interest income to be reported in October and what is the journal entry? 9. At the end of the current year Accounts Receivable has a balance of $4,375,000; Allowance for Doubtful Accounts has a credit balance of $21,300 and sales for the year total $102,480,000. Using the aging method the balance of Allowance for Doubtful Accounts is estimated as $205,000. Determine the following: a) The amount of the adjusting entry for uncollectible accounts b) The adjusted balance of accounts receivable c) The adjusted balance of Allowance for Doubtful Accounts d) Bad Debt Expense e) Net Realizable value of Accounts Receivable 10. At the end of the current year Accounts Receivable has a balance of $4,375,000; Allowance for Doubtful Accounts has a credit balance of $21,300 and sales for the year total $102,480,000. Using the percentage of sales method bad debt expense is est ed to be 14 1%. Determine the following? a) The amount of the adjusting entry for uncollectible accounts b) The adjusted balance of accounts receivable c) The adjusted balance of Allowance for Doubtful Accounts d) Bad Debt Expense e) Net Realizable value of Accounts Receivable 11. Creative Solutions decided to write off the $13,780 balance of an account owed by a customer, John Jones. What is the entry for the write-off? 12. Sophie Corp received a 120-day 8% note for $450,000 dated April 9 from a customer on account. Determine a) Due date of the note b) Maturity value of the note c) Journal entry to record the payment of the note at maturity 13. The information for 2 years for Roger Co is as follows: 2019 2018 Sales $7,906,000 $6,726,000 Accounts Receivable Beginning 600,000 540,000 Ending 580,000 600,000 Compute accounts receivable turnover and days' sales in receivables