Window Help Help Exercise 749 Factoring of accounts receivable without recourse [L07 Mountain High Ice Cream Company transferred $65,000 of accounts receivable to the Prudential Bank. The transfer was recourse. Prudential remits 90% of the factored amount to Mountain will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $5,500) less a factored amount) made without High and retains 10% when the bank collects the receivables, it 3% fee (3% of the total Required: Prepare the journal entry to record the transfer on the books of Mountain High assuming that the sale criteria are met (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet Record the transfer of accounts receivable Note: Enter debits before credits SONOS 15 4