On August 25, Turner Company factors $200,000 of its accounts receivable to Mitchell Company. Mitchell Company...

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On August 25, Turner Company factors $200,000 of its accounts receivable to Mitchell Company. Mitchell Company assesses a charge of 13% of receivables sold. The transfer of receivables from Turner Company to Mitchell Company is accounted for as a sale. Required: Journalize Turner Company's transactions to record the factoring of receivables. Date Account Title Debit Credit Aug. 15 Cash Accounts Receivable Loss on Sale of Receivable On August 25, Turner Company factors $200,000 of its accounts receivable to Mitchell Company. Mitchell Company assesses a charge of 13% of receivables sold. The transfer of receivables from Turner Company to Mitchell Company is accounted for as a sale. Required: Journalize Turner Company's transactions to record the factoring of receivables. Date Account Title Debit Credit Aug. 15 Cash Accounts Receivable Loss on Sale of Receivable