Question 9 8 points On July 1, Star Company factored $600,000 of accounts receivable with Prett Financing on a without recourse basis. Under the arrangement, Prett Financing was to make the collections, handle the sales discounts, and absorb the credit losses. Prett Financing assessed a finance charge of 7% of the total accounts receivable factored and retained an amount equal to 2% of the total receivables to cover sales discounts Required: a. Prepare the journal entry required on Prett Financing on July 1. b. Assume Star Company factors the $600,000 of accounts receivable with Prett Financing on a with recourse basis. Prepare th journal entry required on Star company's book on July 1, For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). Arial 10pt A Ix 600 Moving to another question will save this response. Question 9 On July 1, Star Company factored $600,000 of accounts receivable with Prett Financing on a without recourse basis. Und 7% of the total accounts receivable factored and retained an amount equal to 2% of the total receivables to cover sales discour Required: a. Prepare the journal entry required on Prett Financing on July 1. b. Assume Star Company factors the $600,000 of accounts receivable with Prett Financing on a with recourse b For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph ^ V Arial 10pt x A A V AV