Exercise: At December 31, Folgeys Coffee Company teports the following results for its calendar year. Cactiontes Crectit sales $900000 s300,000 Its year-end unadjusted trial balance includes the following items AccocintsReceivabie:Allowancefordoubthalaccounts$125,000Dr5,000Cr. a. Prepare the adj entry to record bad debts expense aswuming uncollectibles are est to be 3% of credit sales. b. Prepare the adj entry to record bad debts expense autuming uncollectibles are est. to be 1% of total sales. c. Prepare the adj entry to record bad debts expense assuming uncollectibles are est, to be 6% of year-end A/R Notes Receivables Fxercise: On July 1, 2012, Homer, Ine, loaned a customer 510.000 on a 3 -month, 9% note. Part A: Joumalize the July 31, 2012 adjusting entry for interest. Include both account titles and amounts, Part B: Put an X to indicate each financial statement that is affected by the adjusting entry to accrue interest. Income Statement Statement of Changes in Shareholders' Equity Statement of Cash Flows Balance Sheet Part C: Would your answer in PtA be different if the note were a $10,000,6-month, 9% note, instead of a 3-month note? If so, journalize the entry. Exercise - On August 2, 2015, Jun Co, receives a \$6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account. (1) Prepare Jun's joumal entry for August 2. On Aug 2, 2015, Jun Co, receives a $6,000,90-day, 12% note from customer Ryan Albany as payment on his $6,000 account. Prepare June's joumal entry assuming the note is honored by the customer on its due date. Curated \& Prepared by Jonathan Pernick . P a 8=818