Help Save & Ext Exercise 7-20 Factoring of accounts receivable with recourse [LO7-8 Mountain High Ice Cream Company transferred $63,000 of accounts receivable to the Prudential Bank. The transfer was ourse. Prudential remits 90% of the tactored amount to Mountain high and retains into cover-mtm no the bank collects the receivables, it will remit to Mountain High the retained amount (which amount to be paid at the start of the factoring arrangement Required: Prepare the journal required for a transaction/event, select "No journal entry required" in the first account owners when Mountain estimates has a fair value of a3%fee(3% of S63.000, and requires that entry to record the transfer on the books of Mountain High assuming that the sale criteria are met (Of no entry is Journal entry worksheet Record the transfer of accounts receivable Nobe: Enter debits before credts ?Prev 6of7 Next > SONOS 5 6