execrcise 7-16 trial balance adjustments for followinh balances

s//edugen /main.uni TCALCULAI OR PRINTER VRSION-4BACKT Exercise 7-16 NE The trial balance before adjustment for Teal Company shows the following balances. Dr. Cr. Accounts Receivable $84,700 Allowance for Doubtful Accounts Sales Revenue 2,700 $462,400 Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 1. To obtain additional cash; Teal factors without recourse $23,300 of accounts receivable with Stills Finance. The finance charge is 11% of the amount factored. 2. To obtain a 1-year loan of $61,600, Teal assigns $70,800 of specific receivable accounts to Crosby Financial. The finance charge 3- 4. is 8% of the loan; the cash is received and the accounts turned over to Crosby Financial. The company wants to maintain the Allowance for Doubtful Accounts at 7% of gross accounts receivable. Based on an aging analysis, an allowance of $6,174 should be reported. Assume the allowance has a credit balance of $1,041. (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.) No. Account Titles and Explanation Debit Credit 1. 1142 P VERSION NE (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 2. 3. 4. Click if you would like to Show Work for this question: Open Show.Work