Business, 28.11.2019 18:31 querline87

The trial balance before adjustment for shamrock company shows the following balances. dr. cr. accounts receivable $82,300 allowance for doubtful accounts 3,700 sales revenue $467,700

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, shamrock 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, shamrock assigns $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.

4. based on an aging analysis, an allowance of $5,318 should be reported. assume the allowance has a credit balance of $1,175.

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The trial balance before adjustment for shamrock company shows the following balances. dr. cr. accou...

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