(LO. 2) On March 1, Chickadee Company sold merchandise to Oriole Company for $5,000 with terms of 3/10, net 30. On March 10, Oriole Company paid 50% of the amount due (as- sume the company allows the discount on partial payments). On March 25, Oriole Company returned $500 of merchandise and also paid the remaining balance due. Prepare the necessary journal entries that Chickadee Company should make on March 1. March 10, and March 25. (LO. 3) The following information was abstracted from the records of Sydney Corporation: Accounts receivable, December 31, 2015 Allowance for bad debt before adjustment, December 31, 2015 Sales (2015) Sales discounts (2015) $1,160,000 36,000 (dr.) 4,360,000 36,000 Sales returns and allowances (2015) $4,000 Prepare the adjusting entry for Bad Debt expense under each of the following assumptions: a 3 percent of outstanding accounts receivable are uncollectible. b. An aging schedule of the accounts shows that $44,600 of the accounts are uncollectible. (LO. 4) The following are summary financial data of the three most recent years for Birch company: Net Sales Net Accounts Receivable Cost of Goods Sold Net Accounts Payable 2017 2016 948,000 876,000 2015 745,000 35,000 45,500 50,800 784,000 798,000 655,000 19,800 25,700 26,400 Using the data above compute the following ratios for 2017 and 2016: a. Accounts receivable turnover b. Average collection period (L0.5) Bang Ltd. had the following select transactions. May 1, 2017 Accepted Crane Company's 12-month, 12% note in settlement of a 32,000 account receivable. July 1, 2017 Dec. 31, 2017 Apr. 1, 2018 May 1, 2018 Loaned 50,000 cash to Sam Howard on a 9-month, 10% note. Accrued interest on all notes receivable, Sam Howard dishonored its note; Bang expects it will eventually collect. Received principal plus interest on the Crane note. Prepare journal entries to record the transactions. Bang prepares adjusting entries once a year on December 31. REY WENHSIN HSU