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Sheridan Incorporated factored $164,900 of accounts recelvablewith Shysong Factors Inc on a without-recourse basis. Stoysong assesses a 2% financecharge of the amount of accounts receivableand

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Sheridan Incorporated factored $164,900 of accounts recelvablewith Shysong Factors Inc on a without-recourse basis. Stoysong assesses a 2% financecharge of the amount of accounts receivableand retains an amount equal to 6% of accounts receivable for possibleadjustments. Prepare the journal entry for Sheridan Incorporated and Slysong Factors to record the factoring of the accounts receivable to Skysong. If no entry is required, select No Entry" for the account titles and enter o for the ambunts. Credit account titles are automatically indented when the andount is entered. Do not indent manually. List all debit entries before credit entries.)

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