View Policies Current Attempt in Progress Presented below is information related to Marigold Corp. August 1 5 9 Marigold Corp.sold to Sharper Co.merchandise having a sales price of $ 22,400 with terms 1/10, net/60. Marigold records its sales and receivables net. Accounts receivable of $ 57,300 (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 $ 32,600 (gross) are pledged to Second Credit Corp. as security for a loan of $ 22,000 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.) Sharper Co.notifies Marigold that it is bankrupt and will pay only 22% 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.) Sep. 29 Prepare all necessary entries in general journal form for Marigold Corp. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Date Account Titles and Explanation Debit Credit (To record discount forfeited) (To record receipt) IN - (To record discount forfeited) (To record discount forfeited) (To record notes payable) (To record discount forfeited) (To record allowance) eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit