REVENUE RECOGNITION : On July 5 Poorco. sells $60,000 of receivables to Finco. without recourse on a notification basis. The financing charge is 6.5%, and there is an 8% holdback for sales discounts and returns. Assume the sales discounts amounted to $700 and sales returns amounted to $1,800. Uncollectible accounts were estimated at $600 but actually were $400. Required: 1. For Poorco., provide the following journal entries: o The entry to record the sale of the receivables. o The entry to adjust the "Receivable from factor" account for discounts and returns. o The entry to record final payment from Finco. 2. For Finco., provide the following journal entries: o The entry to record the purchase of the receivables. o The entry to record bad debts expense and write off the uncollectible accounts. o The entry to record the customer payments. o The entry to record final payment to Poorco. o The entry to adjust the estimate for bad debts