Exercise 7-19 Metlock Corp. factors $427,000 of accounts receivable with Bonita Finance Corporation on a without recourse basis on July 1, 2020. The receivables records are transferred to Bonita Finance, which will receive the collections. Bonita Finance assesses a finance charge of 1.90% of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale. Your answer is partially correct. Try again. Prepare the journal entry on July 1, 2020, for Metlock Corp. to record the sale of receivables without recourse. (If no entry is required, select "No Entry" for the account titles 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 Cash 7 409920 T x Due to Customer 7789 Loss on Sale of Receivable 9291 92917 T Accounts Receivable T 427000 Your answer is partially correct. Try again. Prepare the journal entry on July 1, 2020, for Bonita Finance Corporation to record the purchase of receivables without recourse. (If no entry is required, select 'No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not ndent manually.) one or more is equired Date Account Titles and Explanation Debit Credit July 1, 2020 Accou TAccounts Receivable = 427700 4277007 T Cash 409920 T Interest Revenue 9291 Due from Factor 7789 Click if you would like to Show Work for this question: Open Show Work