Q1: Xanti Company has the following accounts receivable in its general ledger at July 31: Accounts Receivable $40,000. During August, the following transactions occurred. Aug. 1 Added 1% finance charges to S15,000 of credit card balances for not paying within the 30 day grace period Aug. 1 Sold S25,000 of accounts receivable to Fast Factors Inc. who charge a 5 2% commission, Aug. 2 Collected $7,000 from Horton credit card customers including $350 of finance charges previously billed. 8 Required: Journalize these transactions. (Difficulty: Medium, Standard Time: 10 minutes)