Headland Corp. factors $ 449,000 of accounts receivable with Sage Finance Corporation on a without recourse basis on July 1, 2020. The receivables records are transferred to Sage Finance, which will receive the collections. Sage Finance assesses a finance charge of 2.00% 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—please think through this. c. Explain the difference between sale of receivables with recourse as oppose to without recourse.

Shawshank real estate agency. oct. 1 pete shawshank begins business as a real estate agent with a cash investment of $25,000 in exchange for common stock. 2 hires an administrative assistant. 3 purchases office furniture for $2,900, by paying $700 cash with the balance on account. 6 sells a house and lot for n. kidman, earning a fee of $3,600, with $600 collected in cash and the balance billed to n. kidman. 27 pays $900 on the balance related to the transaction of october 3. 30 pays the administrative assistant $2,300 in salary for october. 31 collects $1,200 of the balance owed by n. kidman. instructions: (a) journalize the transactions. (you may omit explanations.) (b) what balance would shawshank real estate agency report for accounts payable in its october 31 financial statements? in which category of which financial statements would it be found? (c) what balance would shawshank real estate agency report for accounts receivable in its october 31 financial statements? in which category of which financial statements would it be found?