On July 31, 2020, Antique Accents transferred $56,000 of accounts receivable to a local bank, Eric's Financial Corporation. The transfer was made without recourse. Eric's Financial Corporation remits 93% of the factored amount to Antique Accents and retains 7%. When the bank collects the receivables, it will remit to Antique Accents the retained amount less a 1% fee (1% of the total factored amount). Please make sure your final answer(s) are accurate to 2 decimal places. a) Prepare the journal entry to record the transfer on the books of Antique Accents assuming that the sale criteria are met. Enter an appropriate description, and enter the date in the format dd/mmm (ie. 15/Jan).

b) Prepare the journal entry to record the transfer on the books of Antique Accents assuming that the sale criteria are met and that Antique Accents guarantees payment to the bank for any uncollectible receivables. The bank estimates that the uncollectible accounts have a fair value of $2,000. Enter an appropriate description, and enter the date in the format dd/mmm (ie. 15/Jan).