During the year, you determine that John Wingfield will never pay the exist500 he owes the company. Assuming that the company is using the Allowance method, the journal entry to write off this amount owed by a specific individual is debit Allowance for Doubtful Accounts exist500: credit Accounts Receivable exist500. debit Bad Debts Expense exist500: credit Allowance for Doubtful Accounts exist500. debit Allowance for Doubtful Accounts exist500: credit Bad Debts Expense exist500. debit Accounts Receivable exist500: credit Allowance for Doubtful Accounts exist500. The Receivables Turnover Ratio shows the number of times the company borrows money during the year, the number of times receivables are collected during the year. the number of times the company sells its inventory during the year, the number of time the company trades in equipment during the year. Sloan Company receives a exist5,000, 3 month, 6% promissory note from Day Company in settlement of an open accounts receivable. What entry will Sloan Company make upon receiving the note? Debit Notes Receivable exist5, 025: credit Accounts Receivable-Day Company exist5, 025 Debit Notes Receivable exist5, 075: credit Accounts Receivable-Day Company exist5,000: credit Interest Revenue exist75 Debit Notes Receivable exist5,000: debit Interest Receivable exist75: credit Accounts Receivable-Day Company exist5,000: credit Interest Revenue exist75 Debit Notes Receivable exist5,000: credit Accounts Receivable-Day Company exist5,000