A company transferred $78,000 of accounts receivable to a bank. The transfer was made without recourse. The bank remits 90% of the factored amount to the company and retains 10%. When the bank collects the receivables, it will remit to the company the retained amount (which the company estimates has a fair value of $6,800 ) less a 2% fee ( 2% of the total factored amount). 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. Journal entry worksheet Note: Enter debits before credits. A company transferred $78,000 of accounts receivable to a bank. The transfer was made without recourse. The bank remits 90% of the factored amount to the company and retains 10%. When the bank collects the receivables, it will remit to the company the retained amount (which the company estimates has a fair value of $6,800 ) less a 2% fee ( 2% of the total factored amount). 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. Journal entry worksheet Note: Enter debits before credits