Presented below is information related to Skyseng Corp, which sels merchandise with term 2/10, net 60 Skysong Corp.records its sales and receivables et July 1 Skysong Corp. sold to Warren Harding Ca merchandise having a sales price of $18.000 5 Accounts receivable of $12,300 Igross) are factored with Andrew Jackson Credit Corp, without recourse ata financing charge of 8x 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 $12,300 (gross) are pledged to Alf Landon Credit Corp. as security for a loan of $6,400 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.) Dec 29 Warren Harding Co. notifies Skysong that it is bankrupt and will pay only 20% of its account. Give the entry to write off the collectible balance in the allowance method. First record the increase in the receivable on July 11 when the discount period passed) Prepare all necessary entries in general journal form for S ong Corp. Ingen select "entry for the account tles and enter for the amount Credit account titles when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem Date Account Tities and Explanation Debit (To record discount forfeited) (To record notes payable)