Your company had the following balances for the past two years; 1. What entries does a company normally make to record sales on account? 2. Explain what the account called "Sales (net)" means? 3. What entries does a company normally make when they a. receive cash for products which will be delivered at a later date and b. when they deliver the products at a later date 4. Provide three reasons why Accounts Receivable might be credited (reduced) during the year? 5. What journal entry does a company nomally make when a customer returns a product after paying for it? 6. You offered your customers an incentive to pay their accounts more quickly by reducing the amount to be paid by 2% if the customer pays within 10 days. What entry would you make when a customer pays off their account on the 8th day after you sold the product on account? 7. Based upon the amounts and accounts at the top of the page, can you explain why Allowance for Doubtful Accounts changed from $19,100 in 2022 to $35,900 in 2023. Please show and label your work. 8. What was your company's Accounts Receivable turnover ratio for 2023? Please show your calculations A. Your company sold 3,000 shirts, 4,000 pants, and 10,000 shoes to a nonprofit organization for $600,000 in total. Normal retail prices of these products are: Shirts $25 cach Pants $40 each Shoes $50 cach. How much should you record as the amount of sales for pants from this transaction B. On May 1, 2023, your company received a $600,000,5-year, 6% note receivabie from a customer. The note requires annual payments of principal and interest on April 30 each year. 1. How much are the annual payments? Show your calculations for this time value of money problem. 2. How much of the $600,000 should be considered a current asset on December 31 , 2023 ? Show your calculations. 3. How much will this note impact Income Before Taxes in 2024 (NEXT year)? Show your calculations. C. Your company has a current ratio of $600,000/$300,000=2.20. Show how each of the following INDEPENDENT events would impact the current ratio. Ignore any tax impact and show your calculations. 1. Collected $30,000 of accounts receivable within the discount period (terms 2/10, n/30 ) $300,000+or$$660.000+or$ The new current ratio would be 2. Sold $30,000 of merchandise for 50,000 euros on account when the exchange rate was 1 euro =$1.07. The new current ratio would be $300,000+or$$660,000+or$ 3. Wrote off $18,000 of accounts which are now 9 months past due. The new current ratio would be $300,000+or$$660,000+or$ 4. Sold $60,000 of accounts receivable for $45,000 in cash without recourse The new current ratio would be $300,000+or$$660,000+or$