Hi you answered my question, the Jones Company, you put it together very nicely. But, the first part of the question wants me to prepare the journal entry for the sales of the receivables. So I'm a little confused with the answer you provided. I attached what it looks like. thank you.

Question 14 Presented below is information for Jones Company. 1. Beginningoftheyear Accounts Receivable balance was $18,600. 2. Net sales (all on account) for the year were $107,400. Jones does not offer cash discounts. 3. Collections on accounts receivable during the year were $86,600. Jones is planning to factor some accounts receivable at the end of the year. Accounts totaling $10,300 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 5% of the balances for probable adjustments and assesses a finance charge of 4%. The fair value of the recourse obligation is $1,060. (a) Prepare the journal entry to record the sale of the receivables. the account titles and enter 0 for the amounts. Credit account titles are a amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit