please correct the problem

Return to question 10 Exercise 7-23 (Algo) Factoring of accounts receivable without recourse (LO7-8) points Mountain High Ice Cream Company transferred $65,000 of accounts receivable to the Prudential Bank. The transfer was made without recourse. Prudential remits 90% of the factored amount to Mountain High and retains 10%. When the bank collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $5,500) less a 3% fee (3% of the total factored amount). Required: Prepare the journal entry to record the transfer on the books of Mountain High assuming that the sale criteria are met. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Answer is complete but not entirely correct. NO Event Debit Credit General Journal Cash Loss on sale of receivables Receivable from factor Accounts receivable 58,500 1.950 4,550 65,000 Check my work 10. Exercise 7-23 (Algo) Factoring of accounts receivable without recourse [LO7-8) Mountain High Ice Cream Company transferred $65,000 of accounts receivable to the Prudential Bank. The transfer was made without recourse. Prudential remits 90% of the factored amount to Mountain High and retains 10%. When the bank collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $5,500) less a 3% fee (3% of the total factored amount). Required: Prepare the journal entry to record the transfer on the books of Mountain High assuming that the sale criteria are met. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list References Journal entry worksheet Record the transfer of accounts receivable. Note: Enter debits before credits Event General Journal Credit Cash Debit 58,500 1950 45501 Loss on sale of receivables Receivable from factor Accounts receivable 65.000