The trial balance before adjustment for Bassel Company shows the following balances. Bassel follows IFRS.

The following cases are independent:

1. To obtain cash, Bassel factors without recourse $20,000 of receivables with Anila Finance. The finance charge is 10% of the amount factored.

2. To obtain a one-year loan of $55,000, Bassel assigns $65,000 of specific accounts receivable to Ruddin Financial. The finance charge is 8% of the loan; the cash is received.

3. The company wants to maintain the Allowance for Expected Credit Losses at 5% of gross accounts receivable.

4. The company wishes to increase the allowance account by 1.5% of sales.

Using the data above, prepare the journal entries to record each of the above cases.

\begin{tabular}{lrr} & Debit & Credit \\ \cline { 2 - 2 } Accounts receivable & $82,000 & \\ Allowance for expected credit losses & 1,750 & \\ Sales revenue & & $430,000 \end{tabular}