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Business, 19.10.2021 01:00 GamerGirl15
The trial balance before adjustment for Phil Collins Company shows the following balances.
Dr. Cr.
Accounts Receivable $82,000
Allowance for Doubtful Accounts 2,120
Sales Revenue $430,000
Using the data above, give the journal entries required to record each of the following cases.
1. To obtain additional cash, Sheffield factors without recourse $21,500 of accounts receivable with Stills Finance. The finance charge is 12% of the amount factored.
2. To obtain a 1-year loan of $64,600, Sheffield pledges $67,200 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.
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The trial balance before adjustment for Phil Collins Company shows the following balances.
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