Exercise 7-16 The trial balance before adjustment for Monty Company shows the following balances. Accounts Receivable Allowance for Doubtful Accounts Sales Revenue Dr. $84,600 2,650 $447,400 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, Monty factors without recourse $29,200 of accounts receivable with Stills Finance. The finance charge is 12% of the amount factored. 2. To obtain a 1-year loan of $57,500, Monty pledges $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. 3. The company wants to maintain the Allowance for Doubtful Accounts at 7% of gross accounts receivable. 4. Based on an aging analysis, an allowance of $5,717 should be reported. Assume the allowance has a credit balance of $998. (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.) Detik Credi Na. Accent Times and Explanatie 1 2 3. 4. Click if you would like to show Work for this question: Doen Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO VIDEO