Example 7-8: Crest Textiles, Inc. factors $500,000 of accounts receivable with Commercial Factors, Inc., on a without recourse basis, Crest Textiles transfers the receivable records to Commercial Factors, which will receive the collections. Commercial Factors assesses a finance charge of 3 percent of the amount of accounts receivable and retains an amount equal to 5 percent of the accounts receivable (for probable adjustments). AIR 500,000 without warmurse 0-16.00 435, Suppose the receivables are later collected and money paid to the company on that date: Cashs (95%x50c