Current Attempt in Progress

The trial balance before adjustment for Tamarisk Company shows the following balances.

$\backslash$table$[[,$Dr$.,$Cr$.],[$Accounts Receivable,$$85,600,],[$Allowance for Doubtful Accounts,$2,940,]]$

Sales Revenue

$$475,600$

Using the data above, give the journal entries required to record each of the following cases. $($Each situation is independent.$)$

To obtain additional cash, Tamarisk factors without recourse $$24,300$ of accounts receivable with Stills Finance. The finance charge is $10\%$ of the amount factored.

To obtain a $1-$year loan of $$58,900,$ Tamarisk pledges $$67,000$ of specific receivable accounts to Crosby Financial. The finance charge is $8\%$ of the loan; the cash is received and the accounts turned over to Crosby Financial.

The company wants to maintain Allowance for Doubtful Accounts at $5\%$ of gross accounts receivable.

Based on an aging analysis, an allowance of $$5,577$ should be reported. Assume the allowance has a credit balance of $$1,181.$