Oliver Furniture factors $800,000 of receivables to Kwik Factors, Inc. Kwik Factors assesses a 2% service charge on the amount of receivables sold. Oliver Furniture factors its receivables regularly with Kwik Factors. What journal entry does Oliver make when factoring these receivables? Cash Service Charge Expense Accounts Receivable 784,000 16,000 800,000 Cash Loss on Sale of Receivables Accounts Receivable 704,000 16,000 300,000 784,000 Cash Accounts Receivable 704,000 300,000 Accounts Receivable Gain on Sale of Receivables 764,000 16,000