Splish Furniture factors $720000 of receivables to Bramble Factors, Inc. Bramble Factors assesses a 4% service charge on the amount of receivables sold. Splish Furniture factors its receivables regularly with Bramble Factors. What journal entry does Splish make when factoring these receivables? Cash 691200 Loss on Sale of Receivables 28800 Accounts Receivable 720000 Cash 520000 Accots Receivable 691200 28800 Gain on Sale of Receivables Cash Service Charge Expense 691200 28800 720000 Accounts Receivable Cash 691200 Cash 520000 Accounts Receivable 691200 28800 Gain on Sale of Receivables Cash 691200 Service Charge Expense 28800 Accounts Receivable 720000 Cash 691200 Accounts Receivable 691200