Culver Corp. factors $ 365,000 of accounts receivable with Larkspur Finance Corporation on a without recourse basis on July 1, 2020, The receivables records are transferred to Larkspur Finance, which will receive the collections. Larkspur Finance assesses a finance charge of 1.50% of the amount of accounts receivable and retains an amount equal to 6% 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 Culver Corp. to record the sale of receivables without recourse. ( 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 Date Account Titles and Explanation Debit Credit July 1, 2020 eTextbook and Media List of Accounts Prepare the journal entry on July 1, 2020, for Larkspur Finance Corporation to record the purchase of receivables without recourse. (If no entry is required, select "No Entry for the account titles and enter Ofor the amounts. Credit account titles are automatically Indented when the amount is entered. Do not Indent manually) Account Titles and Explanation Debit Credit Date July 1. 2020 eTextbook and Media List of Accounts