The trial balance before adjustment for martinez company shows the following balances. dr. cr. accounts receivable $84,700 allowance for doubtful accounts 2,700 sales revenue $462,400using the data above, give the journal entries required to record each of the following cases. (each situation is independent.)1. to obtain additional cash, martinez factors without recourse $23,300 of accounts receivable with stills finance. the finance charge is 11% of the amount factored.2. to obtain a 1-year loan of $61,600, martinez assigns $70,800 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.3. the company wants to maintain the allowance for doubtful accounts at 7% of gross accounts receivable.4. based on an aging analysis, an allowance of $6,174 should be reported. assume the allowance has a credit balance of $1,041.

Explanation:

The journal entries are shown below:

1. Cash A/c Dr                    $20,737

  Financial charge A/c Dr $2,563

           To Accounts receivable       $23,300

(Being additional cash is recorded and the remaining amount is debited to the cash account)

The financial charge = Accounts receivable × financial charge percentage

= $23,300 × 11%

= 2,563

2. Cash A/c Dr                    $56,672

  Financial charge A/c Dr $4,928

           To Notes payable       $61,600

(Being additional cash is recorded and the remaining amount is debited to the cash account)

The financial charge = Accounts receivable × financial charge percentage

= $61,600 × 8%

= $4,928

3. Bad debt expense A/c Dr  $5,929

            To Allowance for doubtful debts  $5,929

(Being bad debt is recorded)

The computation of bad debt is shown below:

= Gross accounts receivable × given percentage

= $84,700 × 7%

= $5,929

4. Bad debt expense A/c Dr  $5,133

            To Allowance for doubtful debts  $5,133

(Being bad debt is recorded)

The computation of bad debt is shown below:

= Reported allowance balance - credit balance

= $6,174 - $1,041

= $5,133

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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