g for Receivables BE8.10 (LO 3) On January 10, 2020, Perez Co. sold merchandise on account to Robertsen Co. for $15,600, n/30. On February 9, Robertsen Co. gave Perez Co. a 6% promissory note in settlement of this account. Prepare the journal entry to record the sale and the settlement of the account receivable. (Omit cost of goods sold entries.) BE8.11 (LO 2,4) During its first year of operations, Fertig Company had credit sales of $3,000,000, of which $400,000 remained uncollected at year-end. The credit manager estimates that $18,000 of the receivables will become uncollectible. se a. Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) b. Prepare the current assets section of the balance sheet for Fertig Company, assuming that in addi- tion to the receivables it has cash of $90,000, merchandise inventory of $180,000, and supplies of S13.000 cost of goosd . BE8.11 (LO 2, 4) During its first year of operations, Fertig Company had credit sales of $3,000,000, of which $400,000 remained uncollected at year-end. The credit manager estimates that $18,000 of these eivables will become uncollectible. cations rece a. Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) b. Prepare the current assets section of the balance sheet for Fertig Company, assuming that in addi- tion to the receivables it has cash of $90,000, merchandise inventory of $180,000, and supplies of $13,000. c. Calculate the accounts receivable turnover and average collection period. Assume that average net accounts receivable were $300,000. Explain what these measures tell us. BE8.12 (LO 4) The financial statements of Minnesota Mining and Manufacturing Company (3M) report net sales of $20.0 billion. Accounts receivable (net) are $2.7 billion at the beginning of the year and $2.8 billion at the end of the year. Compute 3M's accounts receivable turnover. Compute 3M's av- erage collection period for accounts receivable in days ze ses ognize accounts DO ITI 8.1 (Lo 1) n March 1, Lincoln sold merchandise on account to Amelia Company for net 45. On March 6, Amelia returns merchandise with a sales price of $1,000. Lincoln sold merchandise eives payment from Amelia for the balance due. Prepare journal entries to payment actions on Lincoln's books. (You may ignore cost of goods sold entries and On March 11, Lincoln explanations