Hum Corp. has accounts receivable of $550,000. The company transfers these accounts receivable to a financial institution. There are no bad debts associated with these accounts receivable. Proceeds of $503,000 are received from the transfer. The transfer is on a non-notification basis, which means that the customers pay Hum, and Hum remits the cash to the financial institution. The customers pay $550,000 to Hum on schedule, and the cash remittance is forwarded to the financial institution.

Required: Record all journal entries for the sequence of events in the books of Hum Corp. assuming the transfer is recorded as a sale/derecognition of receivables. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Record 2 journal entries:

1) Record the receipt of accounts receivables and finance expenses.

2) Record the entry for payment by the customer and payment to the finance company.