Problem V: (8 pts) On September 6, 2020, Wolfpack Corp. factors $200,000 of its accounts receivables to a factor on a without recourse basis. The factor withheld $10,000 from the net proceeds as its factor fee plus an additional $6,000 for other possible future adjustments. Required: In the journal below, prepare Wolfpack's journal entry to record the factoring of these receivables assuming Wolfpack routinely factors its receivables. Account Name Debit Credit Date 9/6/20 Problem VI: (18 pts) Hall Inc.'s trial balance indicates the following select account balances at the end of 2020 before the year-end adjustment to record bad debts: Hall Inc. Trial Balance (partial) 12/31/20 Debit Credit Accounts Receivable $ 700,000 Allowance for Doubtful Accounts $ 5,000 Sales Revenue 8,000,000 Bad Debts Expense 0 At the end of 2020, Hall's management estimates 1.5% of its ending gross Accounts Receivable account balance will be uncollectible. A. What is the desired ending balance in the "Allowance for Doubtful Accounts" account? Answer: $ B. Prepare the 12/31/20 journal entry to record bad debts expense for 2020. Debit Credit Date 12/31/20 C. After preparing all adjusting entries for the year, what amount should Hall report as the "Net Carrying Value" amount of its receivables on its 12/31/20 balance sheet? Answer: D. Assume that on January 10 of the following year, Hall specifically writes off the receivable balance for one of its customers. The customer owes Hall $800. Prepare the specific write-off journal entry to record this uncollectible account. Debit Credit Date 1/10/21