Exercise 7-19 Coronado Corp. factors $392,000 of accounts receivable with Whispering Finance Corporation on a without recourse basis on July 1, 2020. The receivables records are transferred to Whispering Finance, which will receive the collections. Whispering Finance assesses a finance charge of 1.90% of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale. Prepare the journal entry on July 1, 2020, for Coronado Corp. to record the sale of receivables without recourse. (If no entry is required, select "No Entry" for the account ties and enter o for the amounts, Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation July 1, 2020 SHOW LIST OF ACCOUNTS Prepare the journal entry on July 1, 2020, for Whispering Finance Corporation to record the purchase of receivables without recourse. (If no entry is required, select No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date July 1, 2020 Click if you would like to Show Work for this question: Open Show Work