Reigh had been looking at the accounts receivable account and was worried that this balance is getting too high. She made multiple calls to the various customers that had purchased units as far back as May, wanting to ask if they were going to pay their accounts anytime soon. She was concerned with the number of customers who didnt return her call or didnt answer at all. After discussion with Ella, Reigh decided to call a receivable factoring company to see if they wanted to purchase their receivables from the miscellaneous customers only, not the corporate accounts or apartment manager accounts. Reigh called Webreakem Inc. and they happily agreed to buy the miscellaneous receivables of REI for a fee of 3% of the total amount outstanding. On December 12th, REI sold their miscellaneous receivables to Webreakem Inc. at this 3% cost.

solve the journal entries