On March 3, Wildhorse Co. sells $650,500 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 5% of the amount of receivables sold. Prepare the entry on Wildhorse Co. books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Prepare the adjusting entry at March 31, 2022, to record bad debt expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit