Question 1 (4 points) Glenn Corp. needed cash quickly, and planned to use their $600,000 of accounts receivable for this purpose. Glenn assumed that $80,000 of the accounts receivable would not be collected. Give Glenn's journal entry if the accounts receivable are sold to a factor for $500,000 cash with recourse. Question 4 (7 points, 7 minutes) Use the information for Chute Inc. (Question 3, repeated below) Inventory at January 1 30 units @ $30 per unit unit unit unit Assume that Chute uses the periodic method with LIFO and that Chute's December 31 (year-end) inventory count revealed 23 units left in ending inventory. Prepare all yearend adjusting journal entries required by Chute on December 31