Current Attempt in Progress The trial balance before adjustment for Crane Company shows the following balances. Accounts Receivable Allowance for Doubtful Accounts Sales 1. 2. 3. 4. Dr. Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) To obtain additional cash, Crane factors without recourse $56,600 of accounts receivable with Easy Finance. The finance charge is 12% of the amount factored. $130,400 1,600 1 Cr. $905.400 No. Account Titles and Explanation To obtain a one-year loan of $19,800, Crane assigns $37,400 of specific receivable accounts to B&C Financial. The finance charge is 9% of the loan; the cash is received and the accounts turned over to B&C Financial. The company wants to maintain the Allowance for Doubtful Accounts at 7% of gross accounts receivable Based on an aging analysis, an allowance of $6,600 should be reported. Assume the allowance has a credit balance of $2,000. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Debit Credit

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Bad Debts

At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.  

Accounts Receivable

The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.