Lonergan Company occasionally uses its accounts receivable to obtain immediate cash. At the end of June 2024, the company had accounts receivable of $1,160,000. Lonergan needs approximately $690,000 to capitalize on a unique investment opportunity. On July 1,2024, a local bank offers Lonergan the following two alternatives: a. Borrow $690,000, sign a promissory note, and assign the entire receivable balance as collateral. At the end of each month, a remittance will be made to the bank that equals the amount of receivables collected plus 8% interest on the unpaid balance of the note at the beginning of the period. b. Transfer $740,000 of specific receivables to the bank without recourse. The bank will charge a 2% factoring fee on the amount of receivables transferred. The bank will collect the receivables directly from customers. The sale criteria are met. Required: 1. Prepare the journal entries that would be recorded on July 1 for: a. alternative a. b. alternative b. 2. Assuming that 70% of all June 30 receivables are collected during July, prepare the necessary journal entries to record the collection and the remittance to the bank for: a. alternative a. b. alternative b. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 18 Req 2A Req 2B Prepare the journal entry that would be recorded on July 1 for alternative a. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 2. Assuming that 70% of all June 30 receivables are collected during July, prepare the necessary journal entries to record the collection and the remittance to the bank for: a. alternative a. b. alternative b. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2A Req 2B Prepare the journal entry that would be recorded on July 1 for alternative a. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No Date General Journal 1 July 01, 2024 Cash Notes payable CA Req 18 > Debit 690,000 Credit 690,000 a. alternative a b. alternative b. 2. Assuming that 70% of all June 30 receivables are collected during July, prepare the necessary journal entries to record the collection and the remittance to the bank for: a. alternative a. b. alternative b. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 18 Req 2A Req 28 Prepare the journal entry that would be recorded on July 1 for alternative b. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No Date General Journal 1 July 01, 2024 Cash Receivable from factor Accounts receivable Debit 725,200 Credit 14,800 740,000 a. alternative a. b. alternative b. 2. Assuming that 70% of all June 30 receivables are collected during July, prepare the necessary journal entries to record the collection and the remittance to the bank for: a. alternative a. b. alternative b. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 18 Req 2A Req 28 Assuming that 70% of all June 30 receivables are collected during July, prepare the necessary journal entries to record the collection and the remittance to the bank for alternative a. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No Date 1 July 31, 2024 Cash Accounts receivable Notes payable Cash General Journal Debit 812,000 Credit 812,000 690,000 x 4,600 694,600 Required: 1. Prepare the journal entries that would be recorded on July 1 for: a. alternative a. b. alternative b. 2. Assuming that 70% of all June 30 receivables are collected during July, prepare the necessary journal entries to record the collection and the remittance to the bank for: a. alternative a. b. alternative b. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2A Req 2B Assuming that 70% of all June 30 receivables are collected during July, repare the necessary journal entry to record the collection and the remittance to the bank for alternative b. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No Date General Journal 1 July 31, 2024 Cash Accounts receivable Req 2A Geg 20 Debit Credit 294,000 294,000