Calico Corners decides to sell $$399,000$ of its accounts receivable to Cullumber Inc. Cullumber assesses a service charge of $3\%$ of the

amount of receivables sold.

Prepare the journal entry that Calico Corners makes to record this sale. $($Credit account titles are automatically indented when the amount

is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Account Titles and Explanation

Debit

Credit

Other Operating Expenses