7. (5 points) Wood Incorporated factored $800,000 of accounts receivable with Engram Factors Inc. on a without recourse basis. Engram assesses a 3% finance charge of the amount of accounts receivable and retains an amount equal to 10% of accounts receivable for possible adjustments. Prepare the journal entry for Wood to record the sale. Also, record the journal entry for Engram Factors, Inc. to record the purchase of the receivables Wood Inc.'s Journal Entry Accounts Debit Credit Engram Factor Inc.'s Journal Entry Accounts Debit Credit