E7.5 (LO 4, 5, 7) Video (Journalizing Various Receivable Transactions) Information on Janut Corp., which reports under ASPE, fol July 1 Janut Corp. sold to Harding Ltd. merchandise having a sales price of $9,500, terms 2/10,n/60. Ignore cost of goods sold entry. 3 Harding returned defective merchandise having a sales price of $700. The merchandise was not saleable and was scrapped. 5 Accounts receivable of $19,000 are factored with Jackson Credit Corp, without recourse at a financing eharge of 9%. Cash is received fo 9 Specific accounts receivable of $15,000 are pledged to Landon Credit Corp, as security for a loan of $11,000 at a finance charge of 326 of continue to make the collections. All the accounts receivable pledged are past the discount period and were originally subject to a 2% di Dee. 29 Harding notifies Janut that it is bankrupt and will be able to pay only 10% of its account. Prepare the entry to write off the uncollectible Instructions a. Prepare all necessary journal entries on Janut's books. b. Would your treatment of the July 5 transaction change if Janut reported under IFRS? If yes, how? c. What if the receivables factored on July 5 were with recourse? Describe how the receivables would be accounted for if Janut reported under