O B REE Remaining Time: 1 hour, 58 minutes, 00 seconds. * Question Completion Status: 1 2 3 4 5 6 7 8 9 10 11 12 WEBCAM RECORDING A Moving to another question will save this response. Question 8 Question 8 of 12 1 points Save Answer On June, 2019, XYZ Company factored receivables of $700,000 to ABC Company. ABC Company assesses a finance charge of 1% of the receivables and retains 4% of the receivables. Assume that XYZ Company factors the receivables on a without guarantee (without recourse) basis. The journal entry to be recorded by XYZ company is: OA. Accounts receivable........ 700,000 Interest revenues. Cash .35,000 665.000 OB. Accounts receivable........ 700,000 Interest revenues. Due to customer... Cash .7.000 28,000 665,000 OC. Cash Loss on sales of receivable. Due from factor........ .665.000 7,000 28,000 Accounts receivable... 700,000 OD. Cash... .665,000 Finance charge. 7,000 Due from factor 28,000 Recourse liability. 700,000 Moving to another question will save this response. X Question 8 of 12>>>