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

Accounts Receivable $1$ Cr$.$

Allowance for Doubtful Accounts $$85,600$

Sales Revenue

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

To obtain additional cash, Wildhorse factors without recourse $$24,300$ of accounts receivable with Stills Finance. The finance charge is $10\%$ of the amount factored.

To obtain a $1-$year loan of $$58,900,$ Wildhorse pledges $$67,000$ 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.

The company wants to maintain the Allowance for Doubtful Accounts at $5\%$ of gross accounts receivable.

Based on an aging analysis, an allowance of $$5,577$ should be reported. Assume the allowance has a credit balance of $$1,181.$

$($If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.$)$