Dexter, Inc. factored $1, 200,000 of accounts receivable with Quick Finance on a with recourse basis. Under the arrangement. Dexter was to handle disputes concerning service, and Quick Finance was to make the collections, handle the sales discounts, and absorb the credit losses Quick Finance assessed a finance charge of 4% of the total accounts receivable factored paid at the start of the factoring arrangement Quick Finance retained an amount of 3% of the total receivables to cover sales discounts The recourse provision has a fair value of $21,000 Prepare the journal entry required on Dexter's books on May 1