Question 14 of 20 - / 0.4 II! View Policies Current Attempt in Progress Sheffield Corp.factors $3350000 of its accounts receivables without recourse for a finance charge of 3%. The finance company retains an amount equal to 9% of the accounts receivable for possible adjustments. Sheffield estimates the fair value of the recourse liability at $290000. What would be the debit to Cash in the journal entry to record this transaction? O $3350000. O $2948000. O $3249500. O $2658000 Lisa had net sales (all on account) in 2020 of $820000. At December 31, 2020, before adjusting entries, the balances in selected accounts were: accounts receivable $1000000 debit, and allowance for doubtful accounts $2120 debit. Lisa estimates that 2% of its accounts receivable will prove to be uncollectible. What is the net amount expected to be collected of the receivables reported on the financial statements at December 31, 2020? O $22120 O $980000 O $977880 O $982120 Save for Later Attempts: 0 of 1 used Submit