1 The trial balance before adjustment for Kelly Company shows the following balances. 2 3 4 Accounts Receivable 5 Allowance for Doubtful Accounts 6 Sales 7 8 Instructions Debits $532,000 9 Using the data above, give the joumal entries required to record each of the 10 following cases. (Each situation is independent.) 11 12 Credits 26,000 $2,180,000 1 To obtain additional cash, Kelly factors (sold) without recourse $100,000 13 of accounts receivable with Easy Finance. The finance charge is 6% 14 of the amount factored. 15 16 17 18 19 20 21 22 2 To obtain a one-year loan of $90,000 Kelly assigns 23 $100,000 of specific receivable accounts to B&C Financial. The finance charge is 5% of the loan; the cash is received and the accounts tumed over to B&C Financial. 24 25 26 27 67 28 29 30 33 31 32 33 24