Learning Outcome: Define cash and accounts receivable and explain the recognition and valuation of receivables Question 1. (4 Marks) Blue Star LLC sold goods worth $50,000 to Reem Bros on Credit on 1 April 2019. On June 20 Reem Bros paid $45000 and the balance was written off as uncollectible. On September 5* Reem Bros paid the Balance amount Required: Journalize the above transaction in the Books of Blue Star LLC under the Direct Write Off Method Question 2. (6 Marks) On 1" January 2020, Biblos LLC has an Account Receivable Balance of 200000. Past estimates show that 20% of the receivables are bad every year. On June 10 Max LLC (a customer) defaulted on a $1000 payment. It was written off as bad debt On October 5, S1000 was recovered from Max LLC. Required: Journalize the above transactions in the books of Biblos LLC under Allowance Method Question 3. (10 Marks) Gama Manufacturers received 60-day 10% note for $30,000, dated March 21- 2021 from a customer Prime LLC as a settlement for an account which was due Required: 1. Determine the Due date of the note 2. Determine the Interest revenue 3. Determine the Maturity Value You are also requested to journalize the transactions: 1. If the note received is honoured on due date 2. If the note received is dishonoured on due date