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TI F UL ULIVIL DUSUNUI SICUy shows the Touwing balances Cr. Accounts Receivable Allowance for...

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TI F UL ULIVIL DUSUNUI SICUy shows the Touwing balances Cr. Accounts Receivable Allowance for Doubtful Accounts Sales Revenue Dr. $84,000 1,820 $436,500 Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 1. To obtain additional cash, Splish factors without recourse $25,800 of accounts receivable with Stills Finance. The finance charge is 11% of the amount factored. 2. To obtain a 1-year loan of $60,800, Splish pledges $66,600 of specific receivable accounts to Crosby Financial. The finance charge is 8% of the loan; the cash is received and the accounts turned over to Crosby Financial 3. The company wants to maintain the Allowance for Doubtful Accounts at 5% of gross accounts receivable. 4. Based on an aging analysis, an allowance of $5,808 should be reported. Assume the allowance has a credit balance of $1,117. UTM entry is required, select "No Entry for the account tities and enter for the amounts. Credit account titles are automatically Indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit

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