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Cullumber Incorporated factored $167,800 ot accounts receivable with Riverbed Factors Inc. ona without-recourse basis. Riverbed assesses a 2% finance charge of the amount of accounts

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Cullumber Incorporated factored $167,800 ot accounts receivable with Riverbed Factors Inc. ona without-recourse basis. Riverbed assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable for possible adjustments Prepare the journal entry for Cullumber Incorporated and Riverbed Factors to record the factoring of the accounts receivable to Riverbed. (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 No. Account Titles and Explanation Cullumber 1 Riverbed 2

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