E7-14 (Journalizing Various Receivable Transactions) The trial balance before adjustment for Sinatra Company shows the following balances. Dr. Cr. Accounts Receivable $82,000 Allowance for Doubtful Accounts 1,750 Sales $430,000 Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.) 1. To obtain additional cash, Sinatra factors without recourse $20,000 of accounts receivable with Stills Finance. The finance charge is 10% of the amount factored. Description/Account Debit Credit 2. To obtain a one-year loan of $55,000, Sinatra assigns $65,000 of specific receivable accounts to Ruddin Financial. The finance charge is 8% of the loan; the cash is received and the accounts turned over to Ruddin Financial. Description/Account Debit Credit 3. The company wants to maintain the Allowance for Doubtful Accounts at 5% of gross accounts receivable. Description/Account Debit Credit 4. The company wishes to increase the allowance by 1% of net sales. Description/Account Debit Credit