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.