Hum Corp. has accounts receivable of $650,000. The company transfers these accounts receivable to a financial institution. There are no bad debts associated with these accounts receivable. Proceeds of $568,000 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 $650,000 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 borrowing. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)