A company transferred $$61,000$ of accounts receivable to a bank. The transfer was made with recourse. The company remits $90\%$ of the factored amount to the company and retains $10\%$ to cover sales returns and allowances. When the bank collects the receivables, it will remit to the company the retained amount $($which the company estimates has a fair value of $$5,100).$ The company anticipates a $$3,100$ recourse obligation. The bank charges a $3\%$ fee $(3\%$ of $$61,000),$ and requires that amount to be paid at the start of the factoring arrangement.

Required:

Prepare the journal entry to record the transfer on the books of the company assuming that the sale criteria are met.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.