0.577 View Policies in Show Attempt History Current Attempt In Progress Presented below is information for Kingbird Company 1. 2. Beginning-of-the-year Accounts Receivable balance was $19.200. Net sales (all on account) for the year were $107.700. Kingbird does not offer cash discounts. Collections on accounts receivable during the year were $90,800. 3. Kingbird is planning to factor some accounts receivable at the end of the year. Accounts totaling $10,300 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 6% of the balances for probable adjustments and assesses a finance charge of 5% The fair value of the recourse obligation is $1.099. (a) Your answer is correct 82" ENG w e here to search Home End PUT Prt Son, SY * DII 14 17 Homework Question 4 of 7 0.5/1 E Your answer is correct. Prepare the journal entry to record the sale of the receivables. (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) Account Titles and Explanation Debit Credit 1614 Loss on Sale of Receivables 618 Due from Factor 9167 Cash 10300 Accounts Receivable 1099 Recourse Liability Attempts: 7 of 15 used 82" A ING ES O BE C Type here to search Question 4 of 7