) E7-7 Gournalizing Various Receivable Transactions) Information on Janut C follows: July 1 Janut Corp. sold to Harding Ltd. merchandise having a sales price of $9,000 terms 3/10 n/60. Janut records its sales and receivables net. Harding Ltd. returned defective merchandise having a sales price of $700 Accounts receivable inancing charge of 9%. Cash is received for the proceeds and collections are handled by the finance company. (These accounts were subject to a 2% discount and were all past the discount period.) pecific accounts receivable of $15,000 (gross) are pledged to Landon Credit Corp. as security for a 3 5 of $19,000 (gross) are factored with Jackson Credit Corp. without recourse at a 9 S an of $11,000 at a finance charge of 3% of the loan amount plus 9% interest on the outstanding balance. Janut discoun Harding Ltd, notifies Janut that it is bankrupt and wi entry to write off the uncollectible balance using the allowance method. (Note: First record the increase in the receivable on July 11 when the discount period passed.) will continue to make the collections. All the accounts receivable pledged are past the t period and were originally subject to a 2% discount. Dec. 29 ill be able to pay only 10% of its account. Give the Instructions (a) Prepare all necessary journal entries on Janut Corp.'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? Would your answer change if Janut reported unde IFRS or ASPE