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Question 2 of 4 View Policies Current Attempt in Progress The trial balance before adjustment for Bramble Company shows the following balances Dr. C
Question 2 of 4 View Policies Current Attempt in Progress The trial balance before adjustment for Bramble Company shows the following balances Dr. C Accounts Receivable $85.200 Allowance for Doubtful Accounts 3220 Sales Revenue $463,700 Using the data above, give the journal entries required to record each of the following cases, (Each situation is independent) L 2. To obtain additional cash, Bramble factors without recourse $26.100 of accounts receivable with Stills Finance. The finance charge is 11% of the amount factored To obtain a 1-year loan of $60,400. Bramble pledges $72,600 of specific receivable accounts to Crosby Financial. The finance charge is 9% of the loan; the cash is received and the accounts turned over to Crosby Financial 3. The company wants to maintain the Allowance for Doubtful Accounts at 6% of gross accounts receivable 4. Based on an aging analysis, an allowance of $5.740 should be reported. Assume the allowance has a credit balance of $1.142. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually No Account Titles and Explanation Dobil Condit
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