Your answer is partially correct. Tamarisk Corporation factors $254,500 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2020. Kathleen Battle Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments. (b) Assume that the conditions are met for a transfer of receivables with recourse to be accounted for as a sale. Prepare the journal entry on August 15, 2020, for Tamarisk to record the sale of receivables, assuming the recourse obligation has a fair value of $3,060. (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.) Date Account Titles and Explanation Debit Credit Aug. 15, 2020 enter an account title for the journal entry on August 15, 2020Entry field with correct answer Cash enter a debit amountEntry field with incorrect answer 254500 enter a credit amountEntry field with correct answer enter an account title for the journal entry on August 15, 2020Entry field with correct answer Due from Factor enter a debit amountEntry field with correct answer 10180 enter a credit amountEntry field with correct answer enter an account title for the journal entry on August 15, 2020Entry field with correct answer Loss on Sale of Receivables enter a debit amountEntry field with correct answer 8150 enter a credit amountEntry field with correct answer enter an account title for the journal entry on August 15, 2020Entry field with correct answer Recourse Liability enter a debit amountEntry field with correct answer enter a credit amountEntry field with correct answer 3060 enter an account title for the journal entry on August 15, 2020Entry field with correct answer Accounts Receivable enter a debit amountEntry field with correct answer enter a credit amountEntry field with correct answer 254500