2 1 Horton Company has the following accounts receivable in its general ledger at July 3:Accounts Receivable $40,000. During August, the following transactions occurred 7.5 Aug. 1 Added 1% finance charges to $20.000 of credit card balances for not paying within the 30 day grace period. (1 SMarks) 15 Sold $35.000 of accounts receivable to Fast Factors Inc. who charge a 2% commission (Marks) 28 Collected $7.000 from Horton credit card customers including $350 or finance charges previously billed. (2 marks) of Instructions (a) Journalite the transactions (6.5Marks) (b) Indicate the statement presentation of finance and service charges. (IMark)