Intermediate Financial Accounting - Receivables E7.16 (L05) (Journalizing Various Receivable Transactions) The trial balance before adjustment for Misumi Ltd. shows the following balances (amounts in thousands). Dr Cr Accounts Receivable 82,000 Allowance for Doubtful Accounts 1,750 Sales Revenue $430,000 Instructions Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 1. To obtain additional cash, Misumi factors without guarantee of credit loss $20,000 of accounts receivable with Stills Finance. The finance charge is 10% of the amount factored. 2. To obtain a one-year loan of 55,000, Misumi assigns \ 65,000 of specific receivable accounts to Obihiro Financial. The finance charge is 8% of the loan; the cash is received and the accounts turned over to Obihiro Financial. 3. The company wants to maintain Allowance for Doubtful Accounts at 5% of gross accounts receivable. 4. Based on an aging analysis, an allowance of \ 5,800 should be reported. Assume the allowance has a credit balance of \ 1,100