Acompany collects 25% of its sales during the month of sale, 65% one month after the sale, and 10% two months after the sale. the company expects sales of $50,000 in august, $80,000 in september, $90,000 in october, and $60,000 in november. how much money is expected to be collected in october? a. $22,500 b. $79,500 c. $90,000 d. $55,000

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.