On April 2, Kelvin sold $40,000 of inventory it'ems on credit with the terms 1/10, net 30. Payment on S24,000 sales was received on April 8 and the remaining payment on $16,000 sales was received on April 27. (1). Assuming Kelvin uses the net method of accounting for sales discounts. Please make journal entries on April 2. April 8 and April 27. (2). Assuming Kelvin uses the gross method of accounting for sales discounts. Please make journal entries on April 2, April 8 and April 27. 2. Exercise 7.1 on page 7-42 following information is provided. E7.1 (LO 1) Excel (Determining Cash Balance) The controller for Clint Eastwood Co tempering to determine the amount of cash to be reported on its December 31, 2020, balance sheet 1. Commercial savings acount of $600.000 and a commercial checking account balance of succes held at Yojimbo 2. Money market fond account held at Volonte Co. (u mutual fund organization) permits Eastwood is write checks on this balance, 85.000,000 1 Thuvei acunces of $180.000 for executive trwel for the first quarter of next yeur (employee to reimbene through salary reduction) 4. A separate cash fund in the amount of $1,500,000 is restricted for the retirement of long-term dete 5. Petty cash fund of 51.000. 6. An LOU. from Marianne Koch, a company customer, in the amount of $190,000. 7. A bunk overdraft of $110,000 has occurred at one of the banks the company uses to deposit its caso receipts. At the present time, the company has no deposits at this bank. & The company has two certificates of deposit, each totaling $500,000. These CDs have a maturity of 120 days Bastwood has received a check that is dated January 12, 2021, in the amount of $125,000 10. Bastwood has agreed to maintain a cash balance of $500,000 at all times at First National Bank of Yojimbo to ensure future credit availability, 11. Eastwood has purchased $2,100,000 of commercial paper of Sergio Leone Co. which is due in 60 days 12. Currency and coin on hand amounted to 57,700. Instructions at December 31, 2020 Compute the amount of cash and cash equivalents to be reported on Eastwood Co.: balance sheet b. Indicate the proper reporting for items that are not reported as cash and cash equivalents on the December 31, 2020, balance sheet. 57.2 (LO 11 Metall