Arness Woodcrafters sells $231,700of receivables to Commercial Factors, Inc. on a with recourse basis. Commercial assesses a finance charge of5% and retains an amount equal to4% of accounts receivable. Arness estimates the fair value of the recourse liability to be $8,150.

Prepare the journal entry for Arness to record the sale.(If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit

Your accounts receivable clerk, Mitra Adams, to whom you pay a salary of $2,805per month, has just purchased a new Acura. You decided to test the accuracy of the accounts receivable balance of $218,790as shown in the ledger. The following information is available for yourfirst yearin business.

(1)	Collections from customers	$370,260
(2)	Merchandise purchased	598,400
(3)	Ending merchandise inventory	130,900
(4)	Goods are marked to sell at40% above cost

Compute an estimate of the ending balance of accounts receivable from customers that should appear in the ledger and any apparent shortages. Assume that all sales are made on account.

The ending balance of accounts receivable from customers	$
Apparent shortage	$