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On July 1, Star Comuny Pactured 5600,000 of couis vivable with Prest Himning on without recourse basla. Under the arrangement, Prutl Fancy w tokuth collections, handle the sale discounts, and absorb the credit lossen. Preit Financing assessed finance charge of 7% of the total accounts receivable factored and retained an en oquial to 2% of total rechables to cover les discounts Required: l'opero the jumal only quired on Prett Financing on July 1 b. Am Star Company Inciors the 5600,000 or nccounts receivable with Prett Financing on a with recourse basis. Trepare the journal entry required on sur company book on July 1 en Completion Moving to other wives antion points On July 1. Company factored 5600,000 of acts able with lowing without recourse basie. Under te gaan. Piim was to make the collect and the down the rabows Povil Financing in ge of 7% of the movie con eqant of the total recebles to wwe discount Required Prepare the journal entry required on Prett Financing on hily Asume Star Company for the 60.000 of receivable with Prett Financing with recourse basis. Prepare the arroquired in book on July 1 For the neares ALTARIO (POOR ALTEN.F10 iMac B 7 5 Paragraph 101 IE E A I. Xona - 0 XX32 .TTTT 112 i) NE B