Is there someone who can help me with some journal entries?

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A. On June 30, 2011, Barbie Company was considering alternatives to bolster its cash position. Option One called for transferring $400,000 in accounts receivables to ABC Finance Company without recourse for a 5% fee. Option Two calls for Barbie to transfer the $400,000 in receivables to ABC with recourse. ABC charges a 4% fee for receivables factored with recourse. Option Two meets the conditions to be considered a sale, but Barbie estimates a $3,000 recourse liability. Under either option, ABC will immediately remit 90% of the factored receivables to Barbie, and retain 10%. When ABC collects the remaining receivables, it remits the amount, less the fee, to Barbie. Barbie estimates that the fair value of the final 10% of the receivables is $25,000 (ignoring the factoring fee).


a. Prepare any necessary journal entry or entries if receivables are factored under Option One.

b. Prepare any necessary journal entry or entries if receivables are factored under Option Two.


B. The petty cash fund of Troubadour Company contained the following items on November 30, 2011.


Currency and coins $23


Receipts for the following expenditures:

Delivery charges $42

Office supplies $50

Restaurant receipt for entertaining a customer $110


An I.O.U. from an employee $25


Total $250


The petty cash fund was established November 1, 2011, with a transfer of $250 from cash to the petty cash account.


Prepare the journal entries to establish the petty cash account and to replenish the fund at the end of November.

Is there someone who can help me with some journal entries?