You sold $$300,000$ of accounts receivable to Friendly Factors Inc. on a with recourse basis. Friendly assesses a $2\%$ finance charge of the amount of accounts receivable and retains an amount equal to $6\%$ of accounts receivable for possible adjustments. You estimate that future uncollectible accounts total $$15,000$

How much cash will you receive as a result of the sale?

How much is the gain or loss on the sale? $($indicate gain or loss$)$

The journal entry to record this sale should include which of the following?

a$)$ $$18,000$ DR to Due from Factor;

b$)$ $$315,000CR$ to accounts receivable;

c$)$ $$15,000$

DR to Recourse Obligation