On May 1. Swifty, Inc. factored $1.312.000 of accounts receivable with Quick Firuance on a without recourse basis. Under the wapenent, Swity was to handle disputes concerning service and Quick Finance was to make the collections, handle the sales dcounts and abnor the credit beroes. Quick Finance essed a finance charge of ox of the total accounts receivable factored and retained an amount equal to 2% of the total receivables to cover alles doscounts. (a) Yo wis orect Prepare the entry required on Swits books on May 1. Kredit scound titles are outomatically indented when the e a noite Date Account Titles and Explanation Debit Credit M 1 2640 Prepare the journal entry required on Quick Finance's books on May 1. (Credit xccount titles are automatically indented when the amount is entered. Do not indent morally) Date Account Titles and Explanation Debit Credit May 1. Assume Swifty factors the $1,312,000 of accounts receivable with Quick Finance on a with recourse basis instead. The recourse provision has a fair value of $22,960. Prepare the journal entry required on Swifty's books on May 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 1