Sheffield Corp. sold $743,700 of accounts receivable to Sage Hill Inc. on a without recourse basis under IFRS, as the risks and rewards have been transferred to Sage Hill. The transaction meets the criteria for a sale, and no asset or liability components of the receivables are retained by Sheffield. Sage Hill assesses a finance charge of 3% of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable Prepare journal entries for both Sheffield and Sage Hill. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Credit Account Titles and Explanation Sheffield Debit Sage Hill