Presented below is information for Swifty Company. 1. 2. Beginning-of-the-year Accounts Receivable balance was $19.200. Net sales (all on account) for the year were $107.700. Swifty does not offer cash discounts. Collections on accounts receivable during the year were $90,800. 3. Swifty is planning to factor some accounts receivable at the end of the year. Accounts totaling $10,300 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 6% of the balances for probable adjustments and assesses a finance charge of 5%. The fair value of the recourse obligation is $1,099. Your answer is partially correct. Prepare the journal entry to record the sale of the receivables. (If no entry is required, select "No Entry" for the account title enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Cash 618 Due from Factor Loss on Sale of Recelvables Recourse Liability 10300 1099 Accounts Receivable e Textbook and Media Assistance e Textbook 1 e Textbook 2 LifeClinto