On May 1, Crane, Inc. factored $1,696,000 of accounts receivable with Quick Finance on a without recourse basis. Under the arrangement, Crane was to handle disputes concerning service, and Quick Finance was to make the collections, handle the sales discounts, and absorb any credit losses. Quick. Finance assessed a finance charge of 6% of the total accounts receivable factored and retained an amount equal to 2% of the total receivables to cover sales discounts. (a) Prepare the journal entry required on Crane's books on May 1. (Credit occount titles are automatically indented when the amount is entered. Do not indent manually. (ist all debit entries before credit entries.) Question 19 of 19 eTextbook and Media List of Accounts Sireforliter Question Part Score (b) The parts of this question must be completed in order. This part will be avallable when you complete the part above. Question Part Score (c) The parts of this question must be completed in order. This part will be avalable when you complete the part above. Question Part Score