Exercise 7-19 (Part Level Submission) Stellar Corp. factors $392,000 of accounts receivable with Pearl Finance Corporation on a without recourse basis on July 1, 2017. The receivables records are transferred to Pearl Finance, which will receive the collections. Pearl Finance assesses a finance charge of 1.90% of the amount of accounts receivable and retains an amount equal 6% of accounts receivable to cover sales discounts, as a sale allowances. Th recorde returns, transaction is (a) Your answer is correct. Prepare the journal entry on July 1, 2017, for Stellar Corp. to record the sale 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 Date Debit Credit July 1, 2017TCash 361032 Due from Factor 23520 Sale of Receivables 7448 Loss Accounts Receivable 392000 Click if you would like to Show Work for this question: Open Show Work (b) record the purchase of receivables without recourse. (If no entry is required, select "No Entry" for the account titles Prepare the journal entry on July 1, 2017, for Pearl Finance Corporation and enter 0 for the amounts. Credit account tities are automatically indented when the amount entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date July 1, 2017 you would like to Show Work for this question Open Show Work Click SHOW LIST OF ACCOUNTS