9 Exercises Part 1 of 2 Save Points: 0 of 1 Kelp Incorporated sold $1,300,000 of its accounts receivable to Famous Factors. Famous charges a fee equal to 10% of the receivables factored and holds back an additional 3% as security. Famous will return the hold back to Kelp when the receivables are collected. This transaction is to be recorded as a sale. Read the requirements Requirement a. Prepare the journal entry required to record the sale of receivables assuming that the receivables are factored without recourse. (Record debits first, then credits. Exclude explanations from any journal entries.) Account Current Year K Accounts Receivable ceivable to Famous Factors. Famous charges dditional 3% as security. Famous will return the ction is to be recorded as a sale. Cash F Gain on Sale of Receivables Loss on Sale of Receivables F n Receivable from Factor j Recourse Obligation > record the sale of receivables assuming that th ebits first, then credits. Exclude explanations from Current Year a. b. Prepare the journal entry required to record the sale of receivables assuming that the receivables are factored without recourse. Independent of your answer to part (a), prepare the journal entry required to record the sale of the receivables assuming that the receivables are factored with recourse. The recourse liability is estimated at 1% of the receivables factored