Current Attempt in Progress

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

Dr$.$

Cr$.$

Accounts Receivable

$$83,000$

Allowance for Doubtful Accounts $,2,140$

Sales Revenue

$$477,700$

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

To obtain additional cash, Blossom factors without recourse $$26,900$ of accounts receivable with Stills Finance. The finance

charge is $10\%$ of the amount factored.

To obtain a $1-$year loan of $$59,400,$ Blossom pledges $$71,800$ of specific receivable accounts to Cros Financial. The finance

charge is $9\%$ of the loan; the cash is received and the accounts turned over to Crosby Financial.

The company wants to maintain Allowance for Doubtful Accounts at $6\%$ of gross accounts receivable.

Based on an aging analysis, an allowance of $$6,306$ should be reported. Assume the allowance has a credit balance of $$1,078.$