Problem $7-12($Algo$)$ Accounts and notes receivable; discounting a note receivable; receivables turnover ratio financial statement effects $[$LO$7-5,7-6,7-7,7-8,7-9]$

Chamberlain Enterprises Incorporated reported the following receivables in its December $31,2024,$ year$-$end balance sheet:

Current assets:$$Accounts receivable, net of $$32,000$ in allowance for uncollectible accounts$ $258,000$Interest receivable$11,900$Notes receivable$340,000$

Additional Information:

The notes receivable account consists of two notes, a $$85,000$ note and a $$255,000$ note. The $$85,000$ note is dated October $31,2024,$ with principal and interest payable on October $31,2025.$ The $$255,000$ note is dated June $30,2024,$ with principal and $8\%$ interest payable on June $30,2025.$

During $2025,$ sales revenue totaled $$1,420,000,$ $$1,320,000$ cash was collected from customers, and $$30,000$ in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year$-$end by adjusting the allowance account to an amount equal to $10\%$ of year$-$end accounts receivable.

On March $31,2025,$ the $$255,000$ note receivable was discounted at the Bank of Commerce. The bank's discount rate is $10\%.$ Chamberlain accounts for the discounting as a sale.

Required:

$1.$ In addition to sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlain$$s $2025$ income statement?

$2.$ & $3.$ What amounts will appear in the $2025$ year$-$end balance sheet for accounts receivable? Calculate the receivables turnover ratio for $2025.$

At the end of $2023,$ accounts receivable were $$596,000$ and the allowance account had a credit balance of $$60,000.$ Accounts receivable activity for $2024$ was as follows:

Beginning balance$ $596,000$Credit sales$2,730,000$Collections$(2,593,000)$Write$-$offs$(50,000)$Ending balance$ $683,000$

The company$$s controller prepared the following aging summary of year$-$end accounts receivable:

Age GroupSummaryAmountPercent Uncollectible$060$ days$ $425,0005\%6190$ days$91,0001491120$ days$60,00030$Over $120$ days$107,00041$Total$ $683,000$

Required:

$1.$ Prepare a summary journal entry to record the monthly bad debt accrual and the write$-$offs during the year.

$2.$ Prepare the necessary year$-$end adjusting entry for bad debt expense.

$3-$a$.$ What is total bad debt expense for $2024?$

$3-$b$.$ How would accounts receivable appear in the $2024$ balance sheet?