Exercise 8-7 Presented below are two independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) On March 3, Hinckley Appliances sells $708,000 of its receivables to Universal Factors Inc. Universal Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare (b) On May 10, Cody Company sold merchandise for $9,400 and accepted the customer's America Bank MasterCard. America Bank charges a 3% service charge for credit card sales. Prepare the entry on Hinckley Appliances' books to record the sale of the receivables. the entry on Cody Company's books to record the sale of merchandise Date Account Titles and E Debit Credit (a) Mar. 3 (b) May 10