Problem 7 Dispose of receivables 1 journal entry 10 points 10-Jan Colaw Company sells $500,000 of its receivables to Speedy Factors. Speedy Factors assesses a finance charge of 3% of the amount of the receivables. Prepare the journal entry that Colaw would make to record the sale of the recievables 22 -3 Date Account Title Debit Credit 34 35 86 87 188 189 190 191 192 193 194 52 53 Problem 6 Dishonor of Notes Receivable 3 journal entries 10 points 54 Record the following transactions in the general journal fo Meyer Company. 155 156 1-Jan Received a $30,000 12%, 4 month note, dated January 1, from M. Kohler in payment of 157 his open account 158 159 1-May Received notification from Kohler that he was unable to honor his note at this time. 160 It is expected that Kohler will pay at a later date. 161 162 15-May Received full payment from M Kohler. 163 164 Date Account Title Debit Credit 165 166 167