Shamrock Corp. factors $370,000 of accounts receivable with Bridgeport Finance Corporation on a without recourse basis on July 1, 2020. The receivables records are transferred to Bridgeport Finance, which will receive the collections. Bridgeport Finance assesses a finance charge of 1.70% of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale. (a) Prepare the journal entry on July 1, 2020, for Shamrock Corp. to record the sale of receivables without recourse. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation

Debit Credit July 1, 2020 eTextbook and Media List of Accounts Attempts: 0 of 3 used (b) The parts of this question must be completed in order. This part will be available when you complete the part above.