Determine the amount of interest due at maturity and the maturity value on the following notes: Face Amount Int. Rate Term of Note Maturity Value Interest a. 8% $27,000 15,000 b. 9% 120 days 60 days 90 days 60 days C 12,000 6% d. 18,750 12% 9.000 10% 60 days Principle Rate Interest Time /360 = $ a. b. = $ c. S d. * S = $ e. Exercise 2: Journal Entries - the Allowance Method for Estimating Uncollectible Accounts Receivable : a. Percentage of Sales Approach: At 9/30 Year 7 ECU Corporation records the estimated amount of UNCOLLECTIBLE ACCOUNT EXPENSE for 3% of the ECU'S $500,000 of credit sales / and updates ALLOWANCE FOR DOUBTFUL ACCOUNTS, a contra- ASSET account. Phrase Account Affect Dr. or Cr Category AL SE RE contra Ist: Dr Cr 2nd: AL SE RE contra + Dr Cr Date Accounts Debit Credit