Current Attempt in Progress Presented below is information related to Coronado Corp. August 1 5 9 Sep. 29 Coronado Corp. sold to Whispering Co. merchandise having a sales price of $20,600 with terms 1/10, net/60. Coronado records its sales and receivables net. Accounts receivable of $58,200 (gross) are factored with Easy Credit Corp. with recourse at a financing charge of 5%. Cash is received for the proceeds; collections are handled by the finance company. (These accounts were all past the discount period.) Specific accounts receivable of $29,100 (gross) are pledged to Second Credit Corp. as security for a loan of $21,400 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.) Whispering Co. notifies Coronado that it is bankrupt and will pay only 21% of its account. Give the entry to write off the uncollectible balance using the allowance method. (Note: First record the increase in the receivable when the discount period passed.) Prepare all necessary entries in general journal form for Coronado Corp. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)

Presented below is information related to Coronado Corp. August 1 Corona Corp. sold to Whispering Ca, merchandise having a sales price of $20,600 with terms 1/10, net/60. Coronado records its sales and reccivabies net. 5. Accounts receivable of $58,200 (gross) are factored with Easy Credit Corp. with reccurse at a financing charge of 5%, Cash is received for the proceeds; collections are handied by the finance company. (These accounts were all past the discount period) 9. Specific accounts receivable of $29.100 (eross) are pledged to Second Credit Corp, as security for a loan of $21,400 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) Sep. 29 Whispering Co notifies Coronado that it is bankrupt and will pay only 21% of its account Give the entry to write off the uncollectible balance using the allowance method. (Note: First record the increase in the recelvable when the discount period passed] Prepare all necessary entries in general journal form for Corondo Corp. iCredi tosceunt tites dre outomabialy indented when the amount is entered. Do not indent menuelly, if no entry is roqulred, select 'No Entry' for the account tidkes and enter Ofor the omounts. Uat all (Io record discount forteited) Date Account Titles and Explanation Debit Credit 8/1 Accounts Recelvable 20394 Sales Revenue 20394 8/5 Cash Loss on Sale of Receivables (To record discount forfeited) (To record receipt) (To record discount forfeited)