Please help with the missing parts and the parts I got wrong Exercise 7-14 Your
ID: 2480172 • Letter: P
Question
Please help with the missing parts and the parts I got wrong
Exercise 7-14 Your answer is partially correct. Try again. The trial balance before adjustment for Phil Collins Company shows the following balances. Dr. Cr. Accounts Receivable Allowance for Doubtful Accounts Sales Revenue $82,000 2,120 $430,000 Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) $25,000 of accounts receivablewithStills Finance am ehear ance charge is 8% of the loan; the cash is To obtain additional cash, Collins factors without recourse $25,000 of accounts receivable with Stills Finance. The finance charge is 10% of the amount factored. To obtain a 1-year loan of $55,000, Collins assigns $65,000 of specific receivable accounts to Crosby Financial. The finance charge is 8% 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 5% of gross accounts receivable. The company wishes to increase the allowance account by 1.5% of net sales. e echarges10% of he amount factored. na by Fancia 2. ofspecific receivableaccounts C 3. 4. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)Explanation / Answer
Cash Dr 50600 Interest on Loan Dr 4400 To 1 yr loan 55000