Metlock Inc. factors receivables with a carrying amount of $244,100 to Joffrey Company for $173,600 on a with recourse basis. The recourse provision has a fair value of $2,070. This transaction should be recorded as a sale. Prepare the appropriate journal entry to record this transaction on the books of Metlock Inc. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)

Metlock Inc. factors receivables with a carrying amount of $244,100 to Joffrey Company for $173,600 on a with recourse basis. The recourse provision has a fair value of $2,070. This transaction should be recorded as a sale. Prepare the appropriate journal entry to record this transaction on the books of Metlock Inc. (If no entry is required, select "No Entry" fo the occount titles and enter 0 for the omounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)