Problem 1: Accounts Receivable Please prepare Journal Entries of Orange Company for the transactions below using The Direct write off Method: Mar 15, 2015 Providing construction service and sending invoice to customer, Green Corporation, for the amount of $36.300 Oct 15, 2015 Receiving payment from Green Corporation for 70% of the total amount of the invoice. Oct 25, 2015 The remaining amount of the invoice to Green Corporation will not be collected. Nov 3, 2015 Receiving payment by cash from Green Corporation for the remaining amount of the invoice. As this amount has been written-off, then Purple Company needs to reinstate the amount. Problem 2: Notes Receivable On June 1, 2010, Violet Co. provided services to its customer, Pinky Co., and received the Notes Receivable from Pinky Company with amount of $36.690 for the term of 90 days, with annual interest rate of 12%. Instructions: 1) Please calculate how much the Maturity Value is. 2) Please prepare the journal entry: a. When Violet Co. received the Notes Receivable b. When Violet Co. received the payment for this Notes Receivable from Pinky Co. on the due date. *Assumption: 1 year = 360 days