Mountain High Ice Cream Company transferred $$69,000$ of accounts receivable to the Prudential Bank. The transfer was made without recourse. Prudential remits $90\%$ of the factored amount to Mountain High and retains $10\%.$ When the bank collects the receivables, it will remit to Mountain High the retained amount $($which Mountain estimates has a fair value of $$5,900)$ less a $3\%$ fee $(3\%$ of the total factored amount$).$

Required:

Prepare the journal eftry to record the transfer on the books of Mountain High assuming that the sale criteria are met. Note: If no entry is required for a transaction$/$event$,$ select $"$No journal,entry required" in the first account field.

Journal entry worksheet

$1$

Record the transfer of accounts receivable.

Note: Enter debits before credits.

$\backslash$table$[[$Event$,$General Journal,Debit,Credit$],[1,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$