ADAPTED: Conrado T. Valix, Jose F. Peralta, & Christian Aris M. Valix, Intermediate Accounting, Volume 1, 2020 Edition Problem: ( 20 points ) - A factor has agreed to purchase selected accounts receivable from Epic Company. The factor charged 5% commission and 20% holdback. The following accounts are sold on July 26: Invoice Date Customer Amount A July 23 July 25 July 24 P300,000 500,000 B 200,000 On July 28, customer B was granted a credit of P50,000 for returned merchandise. Final settlement is made with the factor on August 31. Required: Prepare journal entries to record the transactions on the books of Epic Company