On January 1, $550,000 of specific accounts receivable of Victorias Secret are factored. Both Victorias Secret and Comenity Bank agreed to the following estimates: Sales discounts: $9,000, Credit Loss: $4,000, and Sales returns $2,900. The factoring charge is 4%.

- If the sale was without recourse, how would Victorias Secret be affected?

- If the sale was with recourse, how would Victorias Secret be affected?

- If this was considered a secured borrowing instead of a sale, how would Victorias Secret be affected?