Sullivan Equipment Sales showed the following. Retu 2020 Jan. 15 Sold $25,450 of merchandise for $29,900 to Janco; terms 3/5, 1/15. 16 Wrote oft Fedun's account in the amount of $15,450. 20 Collected the amount owing from the January 15 sale. Mar. 1 Apr. 15 Accepted a $12,180, 60-day, 7 note du.ed this day in granting Parker Holdings a time extension on its pastdue account. Sold merchandise coating $62,450 for $71,900 to customers who used their Visa credit cards. Visa charges a 18 fee and deposits the cash electronically into the retailer's account immediately at the time of sale. Parker Holdings honoured the note dated March 1. 2 ? Nov. 1 Dec. 31 Accepted a $24,900, three-month, 66 note dated this day in granting Grant Company a time extension on its past-due account. Sullivan's year-end. Interest was accrued on outstanding notes receivable. Bad debts are based on an aging analysis that estimated $9,700 of accounts receivable are uncollectible. Allowan fo Doubtful Accounts showed an unadjusted credit balance of $1,645 on this date. 31 2021 2 Grant Company dishonoured its note dated November 1, 2020. Mar. 5 Recovered $1,500 from Derek Holston that was previously written oft. Wrote off the Grant Company account. 14 Required: a. Determine the maturity dates of the March 1 and November 1 notes. Answer is complete and correct. Date of Note Maturity Date March 1 April 30, 2020 November 1 February 1. 2021 b. Prepare entries as appropriate for each date. (Round the final answers to 2 decimal places. Use 365 days an year.) Answer is not complete. No Transactions Credit 1 a. General Journal Accounts receivable - JanCo Sales Debit 29,900.00 29,900.00 2 N b. Cost of goods sold Merchandise inventory >> >> > 25,450.00 > 25,450.00 3 C. Allowance for doubtful accounts Accounts receivable - Fedun 15,450.00 15,450.00 4 d. 29,900.00 Cash Sales discounts Accounts receivable - JanCo >> 29,900.00 5 > e. 12,180.00 Notes receivable - Parker Holdings Accounts receivable - Parker Holdings 12,180.00 6 1. Cash Credit card expense 7 62,450.00 9 Cost of goods sold Merchandise inventory 62,450.00 8 h. Cash Interest income 9 1 > Notes receivable-Grant Company Accounts receivable-Grant Company 10 j Interest receivable Interest income 996.00 996.00 11 k. 1.625.00 Bad debt expense Allowance for doubtful accounts lo 1,625.00 12 L Accounts receivable - Grant Interest receivable Interest income Notes receivable - Grant Company O 13 m. 1,500.00 Accounts receivable-Derek Holston Allowance for doubtful accounts 1,500.00 14 1,500.00 n. Cash O 1,500.00 Accounts receivable - Derek Holston 1,500.00 15 0 Allowance for doubtful accounts Accounts receivable-Grant Company >> 1,500.00 3 Analysis Component: Sullivan's receivable turnovers at December 31, 2020 and 2021 were 7 and 7.5, respectively. Select the correct option for whether the change in the ratio for Sullivan was favourable or unfavourable. Answer is complete and correct. Change in the ratio Favourable