Question 12 points SaveA On July 1, Star Company factored $600,000 of accounts receivable with Prest Finncing on a without recourse basie. Under the arrangement, Prent Financing was to make the collection, handle the discounts, and absorb the credit losses. Prett Financing assessed a finance charge of 7% of the total acceivable factored of retain an aoutal to 2% of the total receivables to cover sales dacom Required: a. Prepare the journal entry required on Prett Financing on July 1. b. Asame Star Company factors the $600,000 of accounts receivable with Prett Financing on a with recourse basis. Prepare the journal entry required on Star compay's book on July 1 ALTARIO REVOCATENATOMY