Dr. Cr.Accounts Receivable $82,000Allowance For Doubtful Accounts 1,700Sales Revenue $430,000InstructionsUsing data above, give the journal entries required to record each of the following case.1.To obtain additional cash, Sinatra factors without recourse $20,000 of accounts receivable with stills finance. The finance charge is 10 % of the amount factored. A one-year loan of 55,0002.To obtain a one-year loan of $ 55,000, Sinatra assigns $65,000 of specific receivable account to Ruddin financial. The finance charge is 8% of the loan; The cash is received and the accounts turned over to Ruddin Financial 3.The company ants to maintain allowance for Doubtful accounts as 5% of gross accounts receivable. 4.The company wishes to increase the allowance account by 1 ? % of net sales.
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