please complete all required parts of the question. added extra photos so its not too confusuing. also please find the loss on sale recievables for the other problem.

Problem 7-7 (Algo) Factoring versus assigning of accounts receivable [LO7-8) Lonergan Company occasionally uses its accounts receivable to obtain immediate cash. At the end of June 2021, the company had accounts receivable of $840,000. Lonergan needs approximately $560,000 to capitalize on a unique investment opportunity. On July 1, 2021, a local bank offers Lonergan the following two alternatives: a. Borrow $560,000, sign a note payable, and assign the entire receivable balance as collateral. At the end of each month, a remittance will be made to the bank that equals the amount of receivables collected plus 9% interest on the unpaid balance of the note at the beginning of the period. b. Transfer $580,000 of specific receivables to the bank without recourse. The bank will charge a 4% factoring fee on the amount of receivables transferred. The bank will collect the receivables directly from customers. The sale criteria are met Required: 1. Prepare the journal entries that would be recorded on July 1 for: a. alternative a. b alternative b. 2. Assuming that 80% of all June 30 receivables are collected during July, prepare the necessary journal entries to record the collection and the remittance to the bank for: a. alternative a. b. alternative b. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1A Reg 18 Req2A Reg 20 Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 2A Reg 2B Prepare the journal entries that would be recorded on July 1 for alternative a. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) General Journal Credit No 1 Date July 01, 2021 Debit 560,000 Cash Notes payable 560,000 REGTA Reg 10 > b. alternative b. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1A Req 1B Reg 2A Req 2B Prepare the journal entries that would be recorded on July 1 for alternative b. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) No Date Debit Credit July 01, 2021 General Journal Cash Loss on sale of receivables Accounts receivable 2. Assuming that 80% of all June 30 receivables are collected during July, prepare the necessary journal entries to record the collection and the remittance to the bank for: a. alternative a. b. alternative b. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 2A Req 2B Assuming that 80% of all June 30 receivables are collected during July, prepare the necessary journal entries to record the collection and the remittance to the bank for alternative a. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) General Journal Debit Credit No 1 Date July 31, 2021 Interest expense Notes payable 2 July 31, 2021 Cash Complete uns queLIUMID CULLI JUU U Reg 1A Reg 1B Reg 2A Reg 2B Prepare the journal entries that would be recorded on July 1 for alternative b. (If no entry is required for a transaction/even journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the transfer $580,000 of specific receivables to the bank without recourse. The bank will charge a 4% factoring fee on the amount of receivables transferred. Note: Enter debits before credits. Date Debit Credit July 01, 2021 General Journal Cash Loss on sale of receivables Accounts receivable Record entry Clear entry View general Journal Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Req 2A Reg 2B Assuming that 80% of all June 30 receivables are collected during July, prepare the necessary journal entries to record the co the remittance to the bank for alternative a. (If no entry is required for a transaction/event, select "No journal entry required" account field.) View transaction list ces Record the collection of receivables, assuming that 80% of all June 30 receivables are collected on July 31. 2 Record the month-end remittance to the bank as the amount of receivables collected plus 9% interest on the unpaid balance of the note at the beginning of the period. Credit Note: -journal entry has been entered Reg 1A Reg 1B Reg 2A Req 28 Assuming that 80% of all June 30 receivables are collected during July, prepare the necessary journal entries to record the collection and the remittance to the bank for alternative b. (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 collection of receivables, assuming that 80% of all June 30 receivables are collected on July 31. The bank will collect the transferred receivables directly. Note: Enter debits before credits Date General Journal Debit Credit July 31, 2021 Record entry Clear entry View general journal Problem 7-8 (Algo) Factoring of accounts receivable; without recourse (LO7-8) Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas Finance Company. On April 30 2021 the company transferred $890,000 of accounts receivable to Milpitas. The transfer was made without recourse. Milpitas remits 90% of the factored amount and retains 10%. When Milpitas collects the receivables, it remits to Samson the retained amount less a 4% fee (4% of the total factored amount). Samson estimates the fair value of the last 10% of its receivables to be $69,000. Required: Prepare the journal entry for Samson Wholesale Beverage for the transfer of accounts receivable on April 30, assuming 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 on April 30. Note: Enter debits before credits Event General Journal Credit Debit 801.000 Cash Loss on sale of receivables Receivable from factor 33,400 Accounts receivable 890.000