Presented below is information related to James Garfield Corp.

July 1		James Garfield Corp. sold to Warren Harding Co. merchandise having a sales price of $12,000 with terms 2/10, net/60. Garfield records its sales and receivables net.
5		Accounts receivable of $12,100 (gross) are factored with Andrew Jackson Credit Corp. without recourse at a financing charge of 9%. 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 $12,100 (gross) are pledged to Alf Landon Credit Corp. as security for a loan of $6,000 at a finance charge of 7% of the amount of the loan. The finance company will make the collections. (All the accounts receivable are past the discount period.)
Dec. 29		Warren Harding Co. notifies Garfield 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 on July 11 when the discount period passed.)

Prepare all necessary entries in general journal form for Garfield Corp. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Date Account Explanations and Titles

7/1

Account?	Debit	Credit
Account?	Debit	Credit

7/5

Account?	Debit	Credit
Account?	Debit	Credit
Account?	Debit	Credit
Account?	Debit	Credit

7/9

Account?	Debit	Credit
Account?	Debit	Credit

(To record discount forfeited)

7/9

Account?	Debit	Credit
Account?	Debit	Credit
Account?	Debit	Credit

7/11

Account?	Debit	Credit
Account?	Debit	Credit

12/29

Account?	Debit	Credit
Account?	Debit	Credit

List of possible accounts for each entry:

Accounts Payable Accounts Receivable Advertising Expense Allowance for Doubtful Accounts Bad Debt Expense Cash Cash Over and Short Due from Factor Due to Customer Discount on Notes Payable Discount on Notes Receivable Freight-In Freight-Out Gain on Disposal of Land Interest Expense Interest Payable Interest Receivable Interest Revenue Inventory Land Loss on Sale of Receivables Miscellaneous Expenses No Entry Notes Payable Notes Receivable Office Expense Owner's Drawings Petty Cash Postage Expense Purchase Discounts Recourse Liability Sales Discounts Sales Discounts Forfeited Sales Revenue Service Revenue Supplies Supplies Expenses Unearned Sales Revenue