Exercise 7-16 The trial balance before adjustment for Skysong Company shows the following balances. Cr Accounts Receivable Allowance for Doubtful Accounts Sales Revenue $85,600 2,970 $472,600 Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 1. T obtain additional cash, Skysong factors without recourse $23,900 of accounts receivable with Stills Finance. The finance charge is 12% of the amount factored 2. To obtain a 1-year loan of $58,700, skysong assigns $71,300 of specific receivable accounts to Crosby Financial. The finance charge is 9% ofthe 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 5% of gross accounts recevable. 4. Based on an aging analysis, an allowance of $6,357 shuld be reported. Assume the allowance has a credit balance of $1,195, (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