1. University Cycle Shop had trouble collecting its account receivable from Matt Reid. On January 19, University finally wrote off Reid's $2,400 account receivable. University turned the account over to a lawyer, who pursued Reid for payment for the rest of the year. On December 31, Reid sent a $2,400 cheque to University Cycle Shop with a note that said, "Here's your money. Please call off your bloodhound!" Journalize the following transactions for University Cycle Shop: Jan. 19 Write-off of Reid's account against Allowance for Doubtful Accounts Dec. 31 Reinstatement of Reid's account Dec. 31 Collection of cash from Reid 2. Compute the unknowns for the following transactions dealing with interest on notes receivable. Use a 365-day year. Round answers to the nearest dollar. Principal Interest Duration Interest Maturity Rate Value a. $10,000 10% 120 days ________ ________ b. $25,000 12% ________ $2,515 ________ c. ________ 6% 180 days $2,959 ________ d. $50,000 ________ 60 days $493 ________ e. $36,000 9% ________ ________ $36,710 3. The accountant at Intellectual Property Inc. gathered the following selected accounting information: 2019 2020 Cash $ 35,000 $33,000 Short-term investments 28,000 29,000 Accounts receivable (net) 33,000 30,000 Inventory 47,000 50,000 Prepaid expenses 7,000 5,500 Accounts