PLEASE SHOW WORK.

Determining balance sheet presentation and preparing journal entries for various receivables transactions (LO 9-1, LO 9-4, LO 9-6) Aardvark, Inc., began 20X1 with the following receivables-related account balances: Aardvark's transactions during 20X1 include the following: a. On April 1, 20X1, Aardvark accepted an 8\%, 12-month note from Smith Bros. in settlement of a $17,775 past due account. b. Aardvark finally ceased all efforts to collect $23,200 from various customers and wrote off their accounts. d. Sales for 20X1 as reported included $100,000 of merchandise that Jensen, Inc., ordered from Aardvark. Unfortunately, a shipping department error resulted in items valued at $150,000 being shipped to Jensen. Because Jensen believed that it could eventually use the unordered items, it agreed to keep them in exchange for a 10% reduction in their price to cover storage costs. Neither the sales nor the receivable for the extra $50,000 of merchandise were recorded. the cash proceeds. In June, Aardvark repaid the loan. weaker economy in 201 led management to increase the estimate to 1.5% of gross sales revenue. g. On July 1,20X1, Aardvark sold equipment to Zebra Company and received a $100,000 non-interest-bearing note receivable due in three years. The equipment normally sells for $79,383. Assume that the appropriate rate of interest for this transaction is 8%. Required: 1. Prepare journal entries for each of the preceding events. Also prepare any needed entries to accrue interest on the notes at December 31,20X1. 2. Show Aardvark's balance sheet presentation for accounts and notes receivable at December 31,201