Wildhorse Inc. factors receivables with a carrying amount of $$215,100$ to Joffrey Company for $$174,700$ on a with recourse basis.

The recourse provision has a fair value of $$2,920.$ This transaction should be recorded as ale

Prepare the appropriate journal entry to record this transaction on the books of Wildhorse Inc. $($If no entry is required, select $"$No Entry"

for the account titles and enter $0$ for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent

manually. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

Cash

Loss on Sale of Receivables

Recourse Liability

Accounts Receivable