Presented below are two independent situations. {a} On March 3, Mineral Point Appliances sells $T of its receivables to Horicon Factors inc. Horicon Factors assesses anance charge of 3% ofthe amount of receivables sold. Prepare the entry on Mineral Point Appliances books to record the sale of die receivables. {a} On May it), Chip Company sold merchandise for $41DDD and accepted the customer's America Bank MasterCard. America Bank charges a 4% service charge for credit card sales. Prepare the entry on Chip Company's books to record the sale of merchandise. {b} Why do companies sell receivables