Laurel Company factors $300,000 of receivables to Hardy Factors. Hardy assesses a 3% fee on the amount of receivables sold. Laurel Co. factors its receivables to Hardy regularly. What journal entry does Laurel make when the factoring occurs? Cash Gain on Sale of Receivables Accounts Receivable Cash Loss on Sale of Receivables Accounts Receivable Cash Accounts Receivable Cash Service Charge Expense Accounts Receivable 300,000 291,000 9,000 291,000 291,000 9,000 9,000 291,000 300,000 291,000 300,000