1 On July 1, Star Company factored $600,000 of accounts receivable with Prett Financing on a without recourse basis Under the agent, P make the collections, handle the sales discounts, and absorb the credd losses. Pret Financing messed a finance charge of 7 of the total accents retained an amount equal to 2% of the total receivables to cover sales descounts Required: a. Prepare the journal entry required on Prett Financing on July 1. Fong was o t b. Assume Star Company factors the $600,000 of accounts receivable with Prett Financing on a with recourse basis. Prepare the jemal esteyd company's book on July 1. For the toolbar, press ALT-F10 (PC) or ALT-EN-F10 (Mac B Paragraph Arial 10pt T * 15 17 0