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Bohannon Corporation factors euro 250,000 of accounts receivable with Winkler Financing Inc on a without guarantee (no recourse) basis Winkler Financing will collect the receivables. The receivables records are transferred to Winkler Financing on August 15, 2015. Winkler Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments. Instructions What conditions must be met fora transfer of receivables with recourse to be accounted for as a sale? Assume the conditions from part (a) are met. Prepare the journal entry on August 15 2015. for Bohannon to record the sale of receivables SEK Corp factors y 400.000 of achievable with Mays Finance Corporation, without guaranteeing payment for possible credit losses (without recourse) on July 1, 2015. The receivables records are transferred to Mays Finance which will receive the collections. Mays Finance assesses a finance change of 1 1/2%of the amount of. accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts returns and allowances the transaction is to be receivable as a sale Prepare the journal entry July 1, 2015 for SEK Crop to record the sale of receivable without recourse Prepare the journal entry on July 1, 2015 for Mays Finance Corporation to record the purchase of receivables without recourse