Mountain High Ice Cream Company transferred $65,000 of accounts receivable to the Prudential Bank. The transfer w made without recourse. Prudential remits 90% of the factored amount to Mountain High and retains 10%. When the ban collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value o $5,500) less a 3% fee (3% of the total factored amount). Required: Prepare the journal entry 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. View transaction list Journal entry worksheet 1 Record the transfer of accounts receivable. Note: Enter debits before credits. Event 1 General Journal Debit Credit

Mountain High Ice Cream Company transferred $65,000 of accounts receivable to the Prudential Bank. The transfer w made without recourse. Prudential remits 90% of the factored amount to Mountain High and retains 10%. When the bar collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value $5,500 ) less a 3% fee ( 3% of the total factored amount). Required: Prepare the journal entry 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 entrv worksheet