Sparwood Manufacturing factored $240,000 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 4% of the dollar value of the receivables, and withheld 5% of the receivable value. Prepare the general journal entry to reflect this transaction on Sparwood's books. Prepare the general journal entry to reflect this transaction on General Factor's books.