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Give journal entries assuming that the estimate of uncollectibles is determined by taking 5% of gross accounts receiva Q3. During June, the following transactions were incurred by Arnold Company: On June 3, Arnold Company sold to Chester Company merchandise for $3,000 with terms of 2/10,n/60, f.o.b. shipping point. $3,000 An invoice, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. $90 On June 12, the company received a check for the balance due from chester Company. Instructions Part A. Prepare journal entries on the Arnold Company books to record all the events notedabove 41 under each of the following bases. 42 [Case 1] Sales and receivables are entered at gross selling price. 43. [Case 2] Sales and receivables are entered at net of cash discounts. 44. Part B. Prepare the journal entry under case 2, assuming that Chester Company did not remit 45 payment until July 29. 46 47 Journal Entries: 48 Part A. Q6. Sutherland Corporation sold goods to Rice Decorators for $50,000 on September 1, 2023, accepting Rice's $50,000,6 month, 6% note. Prepare Sutherland's (1) September 1 entry, (2) annual adjusting entry on December 31 , and (3) March 1 entry for the collection of the note and interest. (1) Sept (2) Decerminas amas 1 (3) March t ams Q4. At the end of 2023 , King Co.'s gross accounts receivable was $187,000, and its allowance for doubtful accounts was 6,850 . During 2024, King wrote off $21,350 as bad debts. At the end of 2024, King's gross accounts receivable was $210,000 and recorded bad debt expense $24,000. If there was no other transaction that affected allowanace for doubtful accounts, how much is the net realizable value of accounts receivable at the end of 2024 ? 47 Journal Entries: Part A. [Case 1] Accounts Debit Credit [Case 2] Part B. \begin{tabular}{|l|l|l|l|} \hline 63 & & & \\ \hline 65 & & & \\ \hline & & & \\ \hline \end{tabular}

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