3. Presented below is information from TextTech Inc. July 1 Sold $200,000 of laptops to Marcell Company with term 3/15, n/30. TextTech uses the gross method to record cash discounts. TextTech estimates allowances of $15,000 will be honored on these sales. July 10 TextTech received payment from Marcell Company for the full amount owed from the July transaction. July 17 Sold $1.5 million in laptops and pre-wired cases to Liquid Communications with terms of 2/10, n/30. July 30 Liquid Communications paid TextTech for its purchase on July 17. Required: Prepare the necessary journal entries for TextTech. 4. Presented below is the information related to Dog# Inc., which sells merchandise with terms 2/10, net 60. Dog# Inc. records its sales and receivables net. July 1 Dog# Inc. sold to Kennel Corp. merchandise having a value of $62,000. Accounts receivable of $85,000 (gross) are factored with Green Tree Credit without recourse at a financing charge of 10%. Cash is received for the proceeds, collections are handled by the finance company. (These accounts were all past the discount period). July 5 July 9 Specific accounts receivable of $100,000 (gross) are pledged to Cash Warehouse Inc. as security for a loan of $40,000 at a finance charge of 8% of the amount of the loan. The finance company will make the collections. All the accounts receivable are past the discount period.) December 30 Kennel Corp. notifies Dog# Inc. that it is bankrupt and will pay only 10% of its account. Give the entry to write-off the uncollectable balance using the allowance method. (Note: First record the increase in the receivable on July 11 when the discount period passed.) Required: Prepare all necessary entries in general journal form for Dog# Inc