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Presented below is information related to Waterway Corp. August 1 Waterway Corp. sold to Wildhorse Co. merchandise having a sales price of $22,700 with terms 1/10, net/60. Waterway records its sales and receivables net: 5 Accounts receivable of $57,800(gross) are factored with Easy Credit Corp. with recourse at a financing charge of 5%. Cash is received for the proceeds; collections are handled by the finance company. (These accounts were all past the discount period.) 9 Specific accounts receivable of $28,100 (gross) are pledged to Second Credit Corpu as security for a loan of $20,100 at a finance charge of 6% of the amount of the loan. The finance company will make the collections. (All the accounts receivable are past the discount period.) Sep. 29 Wildhorse Co. notifies Waterway that it is bankrupt and will pay only 20% of its account. Give the entry to write off the uncollectible balance using the allowance method. (Note: First record the increase in the receivable when the discount period passed.) Prepare all necessary entries in general journal form for Waterway Corp. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the occount tities and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) (To record discount forfeited) Cash interest Exounse Notes Payable (Torecord receipt) Accounts Receivibie Sises Discounts Forfeted (Torecord discount forfeited) Notes Payable: (To record receipt) Acrounts Recelvabie Soles Discounts Forfeited (To record discount forfeited) (To record notes payable) (Torecord discount forfeited) (To record allowance)