Kingbird Incorporated factored $$147,400$ of accounts receivable with Oriole Factors Inc. on a without$-$recourse basis. Oriole assesses

a $2\%$ finance charge of the amount of accounts receivable and retains an amount equal to $7\%$ of accounts receivable for possible

adjustments.

Prepare the journal entry for Kingbird Incorporated and Oriole Factors to record the factoring of the accounts receivable to Oriole. $($If

no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. Credit account titles are automatically indented when

the amount is entered. Do not indent manually.$)$

No$.$ Account Titles and Explanation

Debit

Credit

Kingbird

Oriole