dy Break Q1 (25 marks) a) Superstore Inc. factored $240,000 of their accounts receivable to Elmer Corp, on a without recourse basis. The receivables are transferred to Elmer Corp, who takes over the full responsibility of collection. Elmer Corp. charged a finance charge of 4% of the dollar value of the receivables, and withheld 5% of the receivable value. Instructions a) Prepare the general journal entry to reflect this transaction on Superstore's books. b) Prepare the general journal entry to reflect this transaction on Elmer Corp's books. Answer: Date Particulars Debit Credit Credit Debit Particulars Date