What are the journal entries for each scenario:

1. If a customer defaults (doesn't pay) on a $20,000 Accounts Receivable and Levine decides to replace it with a 16 month 6% Note on 8/31/2025. Show the entry to collect when the Note comes due 12/31/2026.

Note: Levine uses a banker's rule for the year (360 days). Round ONLY your final answer to the nearest dollar.

2. On Feb. 20 Levine decides to write-off $700 of accounts. Show the journal entry for the write-off for ABC Corporation under the Allowance Method.

3. Show the required journal entry under the Allowance Method if Levine receives the $700 they had previously written-off.

4. If a customer defaults (doesn't pay) on a $20,000 Accounts Receivable and Levine decides to replace it with a 16 month 6% Note on 8/31/2025, show the required journal entry

5. What is the entry to establish a petty fund account of $75?

6. If Levine decides to write-off $700 of accounts but later collects it:

Show the required journal entry under the Direct Write-off Method if Levine receives the $700 they had previously written-off.