Question 4 of 4 1.25/2.5 List of Accounts Attempts: 2 of 3 used (b) Prepare the journal entry on July 1, 2020, for LBJ Finance Corporation to record the purchase of receivables without recourse. (if no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation July 1. 2020 e Textbook and Media List of Accounts 30 Show Attempt History Current Attempt in Progress JFK Corp. factors $300,000 of accounts receivable with LB) Finance Corporation on a without recourse basis on July 1, 2020. The receivables records are transferred to LB) Finance, which will receive the collections. LB) Finance assesses a finance charge of 15% of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale