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 $100,000 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 $500. 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 0 0 0 0 0 0 0 b. Factor Note: Record credits in alphabetical order based on the first letter of the account name, Account Name Dr. 0 0 Cr. -> 0 0 0 0 0 0 To record purchase of receivables 0 0 0 e 0 To record estimate of uncollectible accounts Check