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Presented below is information related to Teal Corp. August 1 5 Teal Corp. sold to Sharper Co.merchandise having a sales price of $ 22,500 with terms 1/10, net/60. Teal records its sales and receivables net Accounts receivable of $ 59,300 (gross) are factored with Easy Credit Corp, with recourse at a financing charge of 5%. Cash is received for the proceeds: collections are handled by the finance company. (These accounts were all past the discount period) Specific accounts receivable of $ 29,500 (gross) are pledged to Second Credit Corp. as security for a loan of $ 19,000 at a finance charge of 7% of the amount of the loan. The finance company will make the collections. All the accounts receivable are past the discount period.) Sharper Co. notines Teal that it is bankrupt and will pay only 21% of its account. Give the entry to write off the uncollectible balance using the allowance method. (Note: First record the increase in the receivable when the discount period passed 9 Sep 29 Prepare all necessary entries in general journal form for Teal Corp. Of no entry is required, select "No Entry for the account titles and entero for the amounts Credit account tities are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem) Date Account Titles and Explanation Debit Credit B! Accounts Receivable 22.225 Sales Revenue 22279 85 Cash Lots on sale of Recentes To record discount forfeited) 5/9 Ch Sales Discounts Alcov To record receipt) Nicca Silver To record discount forfeited) To record notes avable

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