The trial balance before adjustment for Phil Collins Company shows the following balances.

		Dr.		Cr.
Accounts Receivable		$85,300
Allowance for Doubtful Accounts		2,160
Sales Revenue				$440,000

Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.)

1.		To obtain additional cash, Collins factors without recourse $29,600 of accounts receivable with Stills Finance. The finance charge is 10% of the amount factored.
2.		To obtain a 1-year loan of $63,700, Collins assigns $69,900 of specific receivable accounts to Crosby Financial. The finance charge is 8% of the loan; the cash is received and the accounts turned over to Crosby Financial.
3.		The company wants to maintain Allowance for Doubtful Accounts at 6% of gross accounts receivable.
4.		The company wishes to increase the allowance account by 1.7% of net sales.