7-16 The trial Dr. $86,400 Allowance for Doubtful Accounts 2,450 Sales Revenue $462,200 Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 1. To obtain additional cash, Coronado factors without recourse $22,300 of accounts receivable with Stills Finance. The 2. To obtain a 1-year loan of $60,800, Coronado assigns$71,300 of specific receivable accounts to Crosby Financial. The 3. The company wants to maintain the Allowance for Doubtful Accounts at 6% of gross accounts receivable. finance charge is 12% of the amount factored. finance charge is 8% of the loan; the cash is received and the accounts turned over to Crosby Financial. Based on an aging analysis, an allowance of $5,749 should be reported. Assume the allowance has a credit balance of 4. $1,149. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation 1. Debit Credit 10:47 PM 7/25/2018 rch