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.

Let's consider a hypothetical airline, mudlarks airlines. on one of its flights, precious records show that about 15% of people who had tickets for the flights did not take the flight. there are 120 seats on the plane. 1. how many tickets should mudlarks airlines sell for this flight? 2. as an added consideration, suppose that tickets on this flight cost a flat rate of $250. in addition, mudlarks airlines must give any traveler who purchased a seat for the flight, but who cannot travel due to overbooking, a $400 certificate for their trouble. does this change your answer in question one? now, suppose that mudlarks airlines forms a partnership itch another airline, puffin air. their agreement allocates 100 seats on the flight to mudlarks airlines and another 20 seats to puffin air. the 2 airlines sell tickets for the flight independently of each other. 3. assuming the same 15% no show percent for each airline, how many tickets should each sell?