As of January 1, 2021, the balance sheet of Silverwood Company has an Accounts Receivable balance of $750,000 and an unadjusted credit balance in the Allowance for Doubtful Accounts of $80,000. a. Sales on account for $250,000. b. Sales returns and allowances for $60,000. c. Collections from customers for $375,000. d. Customer account balances written off for $70,000. e. Previously written off customer account balances for $20,000 were collected. f. Prepare the adjusting journal entry to estimate bad debt as of December 31, 2021: 1: The company uses the percentage of receivables method to estimate bad debt expense. 2: Silverwood Company estimates that uncollectible account balances are expected to be 20% of total accounts receivable as of December 31, 2021. a. Sales on account for $250,000. b. Sales returns and allowances for $60,000. c. Collections from customers for $375,000. d. Customer account balances written off for $70,000. e. Previously written off customer account balances for $20,000 were collected. f. Prepare the adjusting journal entry to estimate bad debt as of December 31, 2021 a. Provide a definition for the Accounts Receivable Turnover Ratio that explains: 1- The main purpose of the Accounts Receivable Ratio. (35 words - 1.25 pts) 2- When does the Accounts Receivable Turnover Ratio indicate a company is doing well or doing poorly? (30 words - 1 pt) 3- What are the benefits of comparing a company's results for the Accounts Receivable Turnover Ratio to its main competitor, to the prior year company results, and to its industry? (35 words - 1.25 pts) b. For Notes Payable: 1- Explain how to compute interest for a $12,000 loan at 10% interest for 4 months. (50 words - 1.5 pts)