Cullumber Corp. factors $351,000 of accounts receivable with Riverbed Finance Corporation on a without recourse basis on July 1, 2020. The receivables records are transferred to Riverbed Finance, which will receive the collections. Riverbed Finance assesses a finance charge of 1.90% 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 recorded as a sale. Prepare the journal entry on July 1, 2020, for Cullumber Corp. to record the sale of receivables without recourse. (if no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation July 1, 2020 Cash Due from Factor Loss on Sale of Receivables Accounts Receivable Prepare the journal entry on July 1, 2020, for Riverbed Finance Corporation to record the purchase of receivables without recourse. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation July 1, 2020 Accounts Receivable Due to Customer cash