Recording the sale of Accounts Receivable Without Recourse Apparel Inc. manufactures sportswear for retailers and frequently sells its receivables to factors as a means of accelerating cash collections. On December 1, 2020, Apparel Inc. sold $160,000 of its receivables to Factor Bank. The receivables were sold without recourse. The factor charged 8% and held back 5% for sales adjustments. Bad debts estimated on the receivables is $800. Required Record all journal entries related to the sale of accounts receivable for (a) Apparel Inc., and (b) Factor Bank. a. Apparel Inc. Note: Record debits in alphabetical order based on the first letter of the account name. Account Name Dr. Cr. 0 Cash Financing Revenue Receivable from Factor Accounts Receivable 139,200 12,800 8,000 0 0 0 160,000 b. Factor Note: Record credits in alphabetical order based on the first letter of the account name. Account Name Dr. Cr. Accounts Receivable 160,000 0 0 139,200 12,800 0 0 8,000 Cash Financing Revenue Payable to Seller of Receivables To record purchase of receivables Bad Debt Expense Allowance for Doubtful Accounts To record estimate of uncollectible accounts 800 0 O 800