Exercise 7-1 The trial balance before adjustment for Windsor Company shows the following balances. Dr unts Receivable $84,600 2,650 Allowance for Doubtful Accounts Sales Revenue $447,400 Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 1. 2. 3. 4. To obtain additional cash, windsor factors without recourse $29,200 of accounts receivable with Stils Finance. The finance charge is 12% of the amount factored. To obtain a 1-year loan of $57,500 windsor assigns $71,400 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 Based on an aging analysis, an allowance of $5,717 should be reported. Assume the allowance has a credit balance of $998. company wants to maintain the Allowance for Doubtful Accounts at 7% of gross accounts receivable. If no entry is required, select No Entry for the account titles and enterfor the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. No. Account Titles and Explanation Debit Credit 4