Sale of Receivables Kerl Manufacturing factored $85,000 of their accounts receivable to General Factor Corp., on a without recourse basis. The receivables are transferred to General Factor, who takes over the full responsibility of collection. General Factor charged a finance charge of of the dollar value of the receivables, and withheld 2% of the receivable value 5% Required: a) b) Prepare the journal entry to reflect this transaction on Kerl's books. (4 marks) Prepare the journal entry to reflect this transaction on General Factor's books. (4 marks) Format B I U ***