Exercise 7-19 Monty Corp. factors $440,000 of accounts receivable with Flounder Finance Corporation on a without recourse basis on July 1, 2020. The receivables records are transferred to Flounder Finance, which will receive the collections. Flounder 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 Monty Corp. to record the sale of receivables without recourse. (If no entry is required, select "No Entry" for the account tities and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Accent Titles and Explanati Credit July 1, 2020 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the journal entry on July 1, 2020, for Flounder 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 indent manually.) Date Account Titles and Explanati Debit Credit July 1, 2020 Click if you would like to show Work for this question: Doen Shew Work SHOW LIST OF ACCOUNTS LINK TO TEXT