Question 13 of 14 > -/1 III View Policies Current Attempt in Progress Pharoah Incorporated factored $124,300 of accounts receivable with Novak Factors Inc. on a without-recourse basis. Novak assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable for possible adjustments. Prepare the journal entry for Pharoah Incorporated and Novak Factors to record the factoring of the accounts receivable to Novak. (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 No. Account Titles and Explanation Pharoah 1. Novak 2. e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit