prepare journal entries using the information provided.

The trial balance before adjustment for Bonita Company shows the following balances. Using the data above. give the journal entries required to record each of the following cases. (Each situation is independent.) 1. To obtain additional cash, Bonita factors without recourse $24,100 of accounts receivable with Stills Finance. The finance charge is 11% of the amount factored. 2. To obtain a 1-year loan of $62,900, Bonita pledges $71,900 of specific receivable accounts to Crosby Financial. The finance charge is 8% of the loan; the cash is received and the accounts turned over to Crosby Financial. 3. The company wants to maintain Allowance for Doubtful Accounts at 7% of gross accounts receivable. 4. Based on an aging analysis, an allowance of $5,899 should be reported. Assume the allowance has a credit balance of $1,204. (If no entry is required, select "No Entry" for the account tittes and enter O for the amounts. Credit account titles are outomatically indented En the amount is entered. Do not indent manually. List all debit entries before credit entries) No. Account Titles and Explanation Debit Credit 1. Cash Loss on Sale of Receivables 2651 Accounts Receivable 2. Cash 3. Bad Debt Experse Allowance for Doubtful Accounts 4. Bad Debt Expense Allowance for Doubtful Accounts