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Chapter 7 Problems Seved Help 2 Problem 7-8 (Algo) Factoring of accounts receivable; without recourse (LO7-8) 5 pont Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas Finance Company On April 30, 2021, the company transferred $880,000 of accounts receivable to Milpitas. The transfer was made without recourse. Milpitas remits 90% of the factored amount and retains 10% When Milpitas collects the receivables, it remits to Samson the retained amountless a 4% fee (4% of the total factored amount). Samson estimates the fair value of the last 10% of its receivables to be $68,000 Required: Prepare the journal entry for Somson Wholesale Beverage for the transfer of accounts receivable on April 30, assuming the sale criteria are met. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Book View transaction ist References Journal entry worksheet Record the transfer of accounts receivable on April 30. Note: Enter debits before credits Event General Journal Deot Credit 1 CABILIDE Miyu CD GITU LADYLIVIER, EUILLEU LASI LLUI The controller of the Red Wing Corporation is in the process of preparing the company's 2021 financial statements. She is trying to determine the correct balance of cash and cash equivalents to be reported as a current asset in the balance sheet. The following items are being considered: 5 points a Balances in the company's accounts at the First National Bank checking $13,700, savings $22,300. b. Undeposited customer checks of $5,400 c. Currency and coins on hand of $600 d. Savings account at the East Bay Bank with a balance of $420.000. This account is being used to accumulate cash for future plant expansion (in 2023) e $24.000 in a checking account at the East Bay Bank. The balance in the account represents a 20% compensating balance for a $120,000 loan with the bank Red Wing may not withdraw the funds until the loan is due in 2024 US Treasury bills; 2-month maturity bills totaling $17.000, and 7-month bills totaling $22.000 Required: 1. Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the 2021 balance sheet Answer is complete but not entirely correct. Cash and cash equivalents includes Balance in checking account 1,370 Bwance in savings account 2,230 Undeposed customer checks 5.400 Currency and coins on hand 000 d Balance in savings account O Balance in checking account O US treasury is 1.700 Total 3 11.300