Question 6 of 6 View Policies Show Attempt History Current Attempt in Progress 1.75/21 Blue Corp. factors $422,000 of accounts receivable with Kingbird Finance Corporation on a without recourse basis on July 1, 2025. The receivables records are transferred to Kingbird Finance, which will receive the collections. Kingbird Finance assesses a finance charge of 1.90% of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale. (a) Your Answer Correct Answer Your answer is partially correct. Prepare the journal entry on July 1, 2025, for Blue Corp. to record the sale of receivables without recourse. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) AC Date Account Titles and Explanation 7 July 1, 2025 Cast 4 (b) Loss on Sale of Receivables Due from Factor Accounts Receivable eTextbook and Medial Solution List of Accounts Debit 388662 3018 25330 Credit 422000 Attempts: 3 of 3 used