1.		Beginning-of-the-year Accounts Receivable balance was $23,100.
2.		Net sales (all on account) for the year were $110,400. Grant does not offer cash discounts.
3.		Collections on accounts receivable during the year were $86,500.

Grant is planning to factor some accounts receivable at the end of the year. Accounts totaling $11,900 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 liability is $1,160.

Prepare the journal entry to record the sale of the receivables. (5 entries)