d. 30.4 (9) Simonic Retailers accepted $80,000 of Citibank Visa credit card charges for merchandise sold on July . Citibank charges 4% for it credit card use. The entry to record this transaction by Simonic Retailers will include a credit to Sales Revenue of $80,000 and a debit(s) to Cash $76,800 and Service Charge Expense S3,200. b. a. Accounts Receivable $76,800 and Service Charge Expense S3,200. c. Cash S76,800 and Interest Expense $3,200. d. Accounts Receivable $80,000. (10) Gipson Furniture factors $700,000 of receivables to Kwik Factors, Inc. Kwik Factors assesses a 3% service charge on the amount of receivables sold. Gipson Furniture factors its receivables regularly with Kwik Factors. What journal entry does Gipson make when factoring these receivables? a. Cash 679,000 Loss on Sale of Receivables 21,000 679,000 500,000 700,000 679,000 679,000 Accounts Receivable b. Cash Accounts Receivable c. Cash Accounts Receivable Gain on Sale of Receivables 21,000 d. Cash 679,000 Service Charge Expense 21,000 Accounts Receivable 700,000