point$($s$)$ possible

VPN$,$ Inc. enters into an arrangement with Lubin Enterprises by which Lubin will purchase $$100,400$ of VPN$\text{'}$s receivables and charge a $8\%$ fee. As part of the agreement, Lubin will hold back $$9,500$ as additional security. VPN sold the receivable with recourse, and the estimated recourse liability is $$2,600.$

Requirement

Prepare the journal entry to record the agreement assuming that the transaction qualifies as a sale for VPN$.$

$($Record debits first, then credits. Exclude explanations from any journal entries.$)$

$\backslash$table$[[$Account$,$Current Year$],[$Accounts Receivable,,$],[$Recourse Obligation,$100400,],[$Cash$,,],[,,],[,,]]$