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i did the transactions. im having trouble filling out the questions below regard to sally's note and the exercise . ACC 2316 Chapter 8 Classwork

i did the transactions. im having trouble filling out the questions below regard to sally's note and the exercise . image text in transcribed
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ACC 2316 Chapter 8 Classwork 1/1/2019 Sally Miller purchases $500 of merchandise on-account; the cost of the item is $310. 1/31/2019 Sally Miller tells you she lost her job and wants you to accept a note from her rather than write her account off. You both agree with terms of 6% for 60 days. 4/1/2019 Sally tells you she cannot pay her note, she does not have job yet. You decide to write the account off using the Allowance method 5/2/2019 Sally gets a job and wants to pay cash today to clear her debt to you. Credit Date 1/1/2019 Debit $500.00 $500.00 Description Account Receivable Sales Revenue (to record sales on accounts) Cost of Goods Sold Merchandise Inventory (to record cost of goods sold) $310.00 $310.00 1/31/2019 $500.00 Notes Receivable Accounts Receivable (to record notes receivable for 60 days at 6% Interest rate) $500.00 4/1/2019 Allowances for Doubtful Accounts $500.00 Notes Receivable (to write off Sally Millers account, no interest revenue is recognized) $500.00 5/2/2019 $500.00 $500.00 Notes Receivable Allowances for Doubtful Debt (to record reinstatement) Cash Notes Receivable Interest Revenue (to record payment received) $507.50 $500.00 $7.50 Answer the questions below in regard to Sally's note and the exercise What is the FACE Value of Sally's Note? What is the Date of Origination for Sally's Note? What is the Due Date for Sally's Note? d What is the amount of interest due at maturity? What is the Maturity Value of the Note? f What is the Allow. for Doubtful Accts. Classification? Bad Debt Expense is on what financial statement? h Allow. for doubtful accounts is on what statement? What does NRV mean? What is the formula to calculate interest? What is the accounts receivable subsidiary ledger? DOO

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