Current Attempt in Progress
The trial balance before adjustment for Sarasota Company shows the following balances.
Using the data above, give the journal entries required to record each of the following cases. Each situation is independent.
To obtain additional cash, Sarasota factors without recourse $ of accounts receivable with Easy Finance. The finance
charge is of the amount factored.
To obtain a oneyear loan of $ Sarasota assigns $ of specific receivable accounts to & Financial. The finance
charge is of the loan; the cash is received and the accounts turned over to B&C Financial.
The company wants to maintain the Allowance for Doubtful Accounts at of gross accounts receivable.
Based on an aging analysis, an allowance of $ should be reported. Assume the allowance has a credit balance of $
Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select No Entry"
for the account titles and enter for the amounts. List all debit entries before credit entries.
No Account Titles and Explanation
Debit
Credit
