Business, 18.03.2021 01:10 collegebound3506

Accounts Receivable 82,000 debit Allowance for Doubtful Accounts 2,120 debit
Sales 430,000 credit

Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.)

a. To obtain additional cash, Tamarisk factors without recourse $24,100 of accounts receivable with Stills Finance. The finance charge is 11% of the amount factored.
b. To obtain a 1-year loan of $62,900, Tamarisk pledges $71,900 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.
c. The company wants to maintain the Allowance for Doubtful Accounts at 7% of gross accounts receivable.
d. Based on an aging analysis, an allowance of $5,899 should be reported. Assume the allowance has a credit balance of $1,204.

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Accounts Receivable 82,000 debit Allowance for Doubtful Accounts 2,120 debit
Sales 430,000 cr...

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