The trial balance before adjustment for Jones Company shows the following balances: Cr. Accounts Receivable Allowance for Doubtful Accounts Sales Revenue Dr. $90,000 2,000 $530,000 Instructions Using the data above, give the journal entries required to record each of the following cases. (Both situations are independent). To obtain additional cash, Jones factors without recourse $30,000 of accounts receivable with XYZ Finance. The finance charge is 10% of the amount factored. To obtain a 1-year loan of $50,000 Jones pledges $70,000 of specific receivable accounts to Smith Financial. The finance charge is 10% of the loan; the cash is received and the accounts turned over to Smith Financial