E8.12 (LO 3) Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Loaned $30,000 cash to Manny Lopez on a 12 month, 10% note. Sold goods to Ralph Kremer, Inc., receiving a $6,750, 90-day, 8% note. 16 Nov. 1 Dec. 11 Received a $4,000, 180 day, 9% note in exchange for Joe Fernetti's outstanding accounts receivable Accrued interest revenue on all notes receivable. 31 Instructions a. Journalize the transactions for Elburn Supply Co. b. Record the collection of the Lopez note at its maturity in 2021 E8.13 (LO 3) Record the following transactions for Redeker Co. in the general journal. 2020 Received a $9,000, 12-month, 6% note in exchange for Mark Chamber's out 1 accounts receivable. Accrued interest on the Chamber note. May ids Dec. 31 Dec. 31 Closed the interest revenue account. ido 2021 Received principal plus interest on the Chamber note. (No interest has been accrued in 2021.) May1 0 of $7,500. BE8.4 (LO 2) At the end of 2020, Carpenter Co. has accounts receivable of $700,000 and an allowance Prepa for doubtful accounts of $54,000. On January 24, 2021, the company learns that its receivable from cash Megan Gray is not collectible, and management authorizes a write-off of $6,200. a. Prepare the journal entry to record the write-off. b. What is the cash realizable value of the accounts receivable (1) before the write-off and (2) after the write-off? Assume the same information as BE8.4. On March 4, 2021, Carpenter Co. receives Pre cord this transaction. de payment of $6,200 in full from Megan Gray. Prepare the journal entries to re ) Kingston Co. uses the percentage-of-receivables basis to record bad debt expense. It P estimates that 1 % of accounts receivable will become uncollectible. Accounts receivable are $420,000 r at the end of the year, and the allowance for doubtful accounts has a credit balance of $1,500. Prepare the adjusting journal entry to record bad debt expense for the year. a. b. If the allowance for doubtful accounts had a debit balance of $800 instead of a credit balance of $1,500, determine the amount to be reported for bad debt expense. BE8.7 (LO 2) Presented below are two independent transactions. a. Tony's Restaurant accepted a Visa card in payment of a $175 lunch bill. The bank charges a 4% fee. What entry should Tony's make? b. Larkin Company sold its accounts receivable of $60,000. What entry should Larkin make, given a service charge of 3% on the amount of receivables sold? BE8.8 (LO 3) Compute interest and find the maturity date for the following notes. Terms Interest Rate (%) Principal