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The notes receivable account consists of two notes, a $ 7 5 , 0 0 0 note and a $ 2 4 5 , 0

The notes receivable account consists of two notes, a $75,000 note and a $245,000 note. The $75,000 note is dated October
31,2024, with principal and interest payable on October 31,2025. The $245,000 note is dated June 30,2024, with principal and
8% interest payable on June 30,2025.
During 2025, sales revenue totaled $1,400,000,$1,310,000 cash was collected from customers, and $28,000 in accounts
receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the
allowance account to an amount equal to 10% of year-end accounts receivable.
On March 31,2025, the $245,000 note receivable was discounted at the Bank of Commerce. The bank's discount rate is 10%.
Chamberlain accounts for the discounting as a sale.
Required:
In addition to sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlain's 2025 income
statement?
& 3. What amounts will appear in the 2025 year-end balance sheet for accounts receivable? Calculate the receivables turnover ratio
for 2025.
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