receivables? 11. Westside Textiles decides to sell $800,000 of its What is the amount of n accounts receivable to First Factors Inc. First Factors assesses a service charge of 3% of the amount of receivables sold. Prepare the journal entry that West- side Textiles makes to record this sale. 20, what percentage does doubtful accounts repre gross receivables? BRIEF EXERCISES BE8-1 Presented below are three receivables transactions. Indicate whether these receiv- abl les are reported as accounts receivable, notes receivable, or other receivables on a bal- ance sheet. (a) Sold merchandise on account for $64,000 to a customer (b) Received a promissory note of $57,000 for services performed. (c) Advanced $10,000 to an employee. BE8-2 Record the following transactions on the books of RAS Co. (a) On July 1, RAS Co. sold merchandise on account to Waegelein Inc. for $17,200, terms 2/10, n/30. (b) On July 8, Waegelein Inc. returned merchandise worth $3,800 to RAS Co. (c) On July 11, Waegelein Inc. paid for the merchandise