To raise revenues, the city of st. cloud required restaurants to purchase a special permit if they wanted to serve food in an open-air patio. (this is in addition to the sanitation inspection license.) while at hola taco, a restaurant in st. cloud, a customer notices that hola taco's permit expired. this mean the customer is not legally required to pay for her food. true or false?

Reynolds corp. factors $400,000 of accounts receivable with mateer finance corporation on a without recourse basis on july 1, 2015. the receivables records are transferred to mateer finance, which will receive the collections. mateer finance assesses a finance charge of 1 ½ percent of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. the transaction is to be recorded as a sale. required: a. prepare the journal entry on july 1, 2015, for reynolds corp. to record the sale of receivables without recourse. b. prepare the journal entry on july 1, 2015, for mateer finance corporation to record the purchase of receivables without recourse— think through this. c. explain the difference between sale of receivables with recourse as oppose to without recourse.