Prepare the journal entry on July 1, 2020, for Oriole Finance Corporation to record the purchase of receivables without recourse, (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account tities are automatically indented when the amount is entered. Do not indent manually) Debit Credit Date Account Titles and Explanation July 1. 2020 Kingbird Corp. factors $144,000 of accounts receivable with Oriole Finance Corporation on a without recourse basis on July 1, 2020 The receivables records are transferred to Oriole Finance, which will receive the collections. Oriole Finance assesses a finance charge of 1.80% of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable to cover sales discounts. returns, and allowances. The transaction is to be recorded as a sale. Part 1 Your answer is partially correct. Prepare the journal entry on July 1, 2020. for Kingbird Corp. to record the sale of receivables without recourse. (If no entry is required, select "No Entry" for the account titles and enter for the amounts Credit account titles are automatically indented when the amount is entered. Do not indent manually) Debit Credit Date Account Titles and Explanation July 1 2020 Cash Loss on Sale of Receivables Due from Factor Accounts Receivable