help with 1 & 2

1 The trial balance before adjustment for Kelly Company shows the following 2 balances. 3 Debits Credits 4 Accounts Receivable $122,000 5 Allowance for Doubtful Accounts 4,000 6 Sales $780,000 7 8 Instructions 9 Using the data above, give the journal entries required to record each of the 10 following cases (Each situation is independent.) 11 12 1 To obtain additional cash, Kelly factors (sold) without recourse $80,000 13 of accounts receivable with Easy Finance. The finance charge is 6% 14 of the amount factored. 15 16 17 18 19 20 1 21 22 23 2 To obtain a one-year loan of $50,000 Kelly assigns $75,000 of specific receivable accounts to B&C Financial. The finance charge is 5% of the loan; the cash is received and the accounts turned over to B&C Financial 24 25 26 27 28 29 an