Current Attempt in Progress

Presented below is information related to Sheffeld Corp., which sells merchandise with terms $\frac{2}{10},$ net $60.$ Sheffield records its sales and receivables net.

July $1$ Shelfield Corp. sold to Warren Harding Co merchandise having a sales price of $$12,000.$

$5$ Accounts receivable of $$13\mathrm{.}200($gross$)$ are factored with Andrew Jackson Credit Corp. without recourse at a financing charge of $8\%.$ Cashis recelved for the proceeds; collections are handled by the finance compary. $($These accounts were all past the discount period.$)$

$9$ Specific accounts recelvable of $$13,200($gross$)$ are pledged to All Landon Credit Corp, as security for a loan of $$6,000$ at a finance charge of $6\%$ of the amount of the loan, The finance company will make the collections. $($All the accounts receivable are past the discount period$)$

Dec. $29$ Warren Harding Co$.$ notifies Sheffeld that it is bankrupt and will pay only $10\%$ of its account. Give the entry to write off the uncollectible balance using the allowance method. $($Not: First record the increase in the receivable on July $11$ when the discount period passed$).$

Prepare all necessaryentries in general journal form for Sheffield Corp. If no entry is required, select No Enty F for the account titles and enter O for the amounts. Credit acccunt tilles are automaticolly indented when the amount is entered. Do not indent manually Ust all debit entries beforecoredit entries. Record joumal entries in the order presented in the problem.$)$