ates ents View Policies Current Attempt in Progress On October 1, 2020, Sheridan Company sells (factors) $694000 of receivables to Milago Factors, Inc. Milago assesses a service charge of 3% of the amount of receivables sold. The journal entry to record the sale by Sheridan will include 75 upport a debit of $694000 to Accounts Receivable. a credit of $714820 to Cash. a debit of $714820 to Cash. a debit of $20820 to Service Charge Expense. Attempts: 0 of 1 used Submit