2. On July 15, Central States Corporation factored $250,000 of accounts receivable with arrangement, Central was to service, and Franklin Factors was to make the collections, handle disputes concerning handle the sales discounts charge of 4% of the total accounts receivable factored and retained an amount equal to 2% of the total receivables to cover sales discounts. (2 points) and absorb the credit losses. Franklin assessed a finance (a) Prepare the journal entry required on Central's books on July 15. melit Credit DebitCreunt Date Account Titles (b) Prepare the journal entry required on Franklin Factors' books on July 15. Date Account Titles Debit Credit Assume Central States factors the $250,000 of accounts receivable with Franklin Factors on a with recourse basis instead. The recourse provision has a fair value of $1,000. (c) Prepare the journal entry required on Central's books on July 15. Date Account Titles Debit Credit (d) Prepare the journal entry required on Franklin Factors' books on July 15. Date Account Titles Debit Credit