On May 1, Swifty Inc factored $1,312,000 of accounts receivable with Quick Finance on a without recourse basis. Under the arrangement, Swifty was to handle disputes concerning service, and Quick Finance was to make the collections, handle the sales discounts, and absorb the credit bosses. 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) Your awer is correct Prepwe the journal entry required on Swity's books on May 1. (Credit account titles are automatically indented when the out is en honor indentaly) Date Account Titles and Explanation May 1 Debit Credit 1207070 Dus from Factor 26240 Prepare the journal entry required on Quick Finance's books on May 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Debit Credit Date Account Titles and Explanation May 1