Sweet Incorporated factored $168,400 of accounts receivable with Pharoah Factors Inc. on a without-recourse basis. Pharoah assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable for possible adjustments. Prepare the journal entry for Sweet Incorporated and Pharoah Factors to record the factoring of the accounts receivable to Pharoah.