Exercise 7-2 (Algo) Cash and cash equivalents (L07-2] 166 points Delta Automotive Corporation has the following assets listed in its 12/312021 trial balance: . Cash in bank-checking account 1.3. Treasury bills (mature in 60 days) Cash on hand ( erroney and coins) U.S. Treasury bills mature in six months) Undeposited customer checks $32,500 5.000 2,350 20,000 2.800 "Purchased on 1130/21 G.. Required: 1. Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the 2021 balance sheet. References Cash and cash equivalents includes: Mountain High Ice Cream Company transferred $63,000 of accounts receivable to the Prudential Bank. The transfer was made without recourse. Prudential remits 90% of the factored amount to Mountain High and retains 10%. When the bank collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $5,300) less a 3% fee (3% of the total factored amount). Required: Prepare the journal entry to record the transfer on the books of Mountain High assuming that the sale criteria are met. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the transfer of accounts receivable, Note: Enter debits before credits Event General Journal Record entry Clear entry View general urmal