Problem II: (9 pts) During November, Maitland Corp. made cash sales to customers totaling $250,000. The summary entry to record these sales is already reflected in the general journal below. Maitland Corp. uses the periodic inventory system. Maitland estimates its sales returns at the end of the month rather than at the time of sale. On November 30, it estimates that its sales returns will be $7,000. On December 8, a customer returned inventory with an original sales price of $1,000, and the customer was given a cash refund. Required: In the general journal below, prepare the November 30 adjusting entry to estimate Maitland's sales returns for November and prepare the subsequent journal entry on December 8 to record the actual returns of $1,000 Account Name Credit Date During Nov. Debit 250,000 Cash Sales Revenue 250,000 Nov 30 Dec 8 Problem III: 6 pts) On 10/1/2020, Stafford Corp. performed services in exchange for a 2-year non- interest-bearing note with a face value of $10,000. The note's face value is due to be paid back two years from the note's issuance date. Stafford uses a discount rate of 12% compounded annually on non-interest-bearing notes of this nature. A. Using your financial calculator, what is the present value of this note? Round the final answer to the nearest whole dollar. Answer: 6 B. (30-second question) How much total interest will the company earn over the life of this note? (Note: this should be a very simple calculation. There should be no need to do an amortization schedule or journal entries to answer this quick question) Answer: $