Lines 10 - 11 have INCORRECT AMOUNTS, the Account Names are CORRECT

Faeber Textile Company frequently factors its accounts receivable. During 2019, Faeber made credit sales of $100,000 to customers, under terms of 2/10, n/30. Faeber records its credit sales using gross price. In 2019, Faeber sold $70,000 f these receivables to a factor. The factor remitted 90% of the accounts receivable factored and charged a 12% commission on the gross amount of the factored receivables. The factoring agreement also requires Faeber to be responsible for any cash discounts taken by customers upon payment of the factored receivables. Faeber is charged for these cash discounts upon reimbursement by the factor. During 2019, the factor collected the remaining amount of the factored receivables, minus the 2% discount on 94% of the collected receivables, and returned the balance owed to Faeber. Faeber collected the remaining amount of the unfactored accounts receivable, minus the 2% discount on 96% of the collected receivables. Required: Prepare all the journal entries necessary for Faeber to record the preceding information. PAGE 14 GENERAL JOURNAL DATE POST, REF. CREDIT ACCOUNT TITLE DEBIT Dec. 31 Accounts Receivable 100,000.00 1 Sales Revenue 100,000.00 Dec. 31 Cash 54,600.00 8,400.00 Factoring Expense 4 Receivable from Factor 7,000.00 Accounts Receivable 70,000.00 6 Dec. 31 Cash 29,424.00 7 576.00 Sales Revenue 30,000.00 Accounts Receivable Dec. 31 Cash 6,868.00 10 Sales Revenue 132.00 11 Receivable from Factor 7,000.00 12