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Current Attempt in Progress Sandhill Incorporated sold $410,000 of accounts receivable to Indigo Factors Inc. on with recourse basis. Indigo assesses a 2% finance charge

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Current Attempt in Progress Sandhill Incorporated sold $410,000 of accounts receivable to Indigo Factors Inc. on with recourse basis. Indigo assesses a 2% finance charge of the balance of accounts receivable and retains an amount equal to 6% of accounts receivable for possible adjustments. Prepare the joumal entries for Sandhill Incorporated and Indigo Factors to record the sale of the accounts receivable to Indigo. assuming that the recourse liability has a fair value of $20,500. (Credit account titles are automatically indented when the amount is entered, Do not indent manuaily. List all debit entries before credit entries

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