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Question 8 of 10 1.15/1.25 III STOW Attempt Current Attempt in Progress Cheyenne Corp factors $441,000 of accounts receivable with Ayayai Finance Corporation on a without recourse basis on July 1, 2020. The receivables records are transferred to Ayayai Finance, which will receive the collections. Ayayai Finance assesses a finance charge of 1.80% of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable to cover sales discounts returns, and allowances. The transaction is to be recorded as a sale. Your answer is correct. Prepare the journal entry on July 1, 2020, for Cheyenne Corp. to record the sale of receivables without recourse. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and explanation Debit Credit Date July 1 2020 Casti 406602 Due from Factor 26460 Loss on Sale of Receivables 7938 Accounts Receivable 441000 e Textbook and Media List of Accounts Your answer is partially correct. Prepare the journal entry on July 1, 2020, for Ayayal Finance Corporation to record the purchase of receivables without recourse. Of no entry is required, select "No Entry for the account titles and enter for the amounts Credit account titles are automatically indented when the amount is entered. Do not Indent manual) Date Account Titles and Explanation Debit Credit July 1 Accounts Receivable 300000 2020 Due to customer 26460 7938 Interest even 06002 Cash e Textbook and Media List of Accounts Last saved 3 minutes ago Attempts: 1 of 4 used

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