On March 31, 2015, Second Time Around Clothing transferred $65,000 of accounts receivable to a local bank, Eric's Financial Corporation. The transfer was made without recourse. Eric's Financial Corporation remits 85% of the factored amount to Second Time Around Clothing and retains 15%. When the bank collects the receivables, it will remit to Second Time Around Clothing 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 Second Time Around Clothing assuming that the sale criteria are met. Enter an appropriate description, and enter the date in the format dd/mmm (ie. 15/Jan). General Journal Page G9 Date Account/Explanation PR Debit Credit b) Prepare the journal entry to record the transfer on the books of Second Time Around Clothing assuming that the sale criteria are met and that Second Time Around Clothing guarantees payment to the bank for any uncollectible receivables. The bank estimates that the uncollectible accounts have a fair value of $6,000. Enter an appropriate description, and enter the date in the format dd/mmm (ie. 15/Jan). General Journal Page G9 Date Account/Explanation PR Debit Credit