Nash Incorporated factored $$163,900$ of accounts receivable with Crane Factors Inc. on a without$-$recourse basis. Crane assesses

a $235$ finance charge of the amount of accounts receivable and retains an amount equal to $6\%$ of accounts receivable for possible

adjustments.

Prepare the joumal entry for Nash Incorporated and Crane Factors to record the factoring of the accounts receivable to Crane. $($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. List all debit entries before credit entries.$)$

Account Titles and Explanation

Nash

Debit