a. Arena Industries, Inc. sells (factors) $1,225,000 of Accounts Receivables with the Rapid Cash Finance Company on a without recourse basis. Rapid Cash Finance acquires the receivables on January 31, 2020 assessing a finance charge of 5%, and also reserving 8% for covering probable adjustments. Based on the contractual arrangement above, prepare the journal entry at January 31st for Arena Industries, Inc. Debit Credit b. Walnut Creek Auto Supply sells (factors) $400,000 of Accounts Receivables with the Fast Freddie's Finance Company on a with recourse basis. Fast Freddie's Finance acquires the receivables on March 31, 2020 assessing a finance charge of 3%, and also reserving 4% for covering probable adjustments. The recourse obligation has fair value of $9,000. Based on the contractual arrangement above, prepare the journal entry at March 31st for Walnut Creek Auto Supply. Debit Credit