thank you! Blue Incorporated factored ( $ 160,100 ) of accounts receivable with Kingbird Factors Inc. on a without-recourse basis. Kingbird assesses a ( 3 % ) finance charge of the amount of accounts receivable and retains an amount equal to ( 6 % ) of accounts receivable for possible adjustments. Prepare the journal entry for Blue Incorpo

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thank you! Blue Incorporated factored  (  $ 160,100  ) of accounts receivable with Kingbird Factors Inc. on a without-recourse basis. Kingbird assesses a  ( 3  %  ) finance charge of the amount of accounts receivable and retains an amount equal to  ( 6  %  ) of accounts receivable for possible adjustments. Prepare the journal entry for Blue Incorporated and Kingbird Factors to record the factoring of the accounts receivable to Kingbird. entry is required, select &#34;No Entry&#34; for the account titles and enter of for the amounts: Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)  Cash Due to Customer Loxs on siile of Receivabies Acoounts Rectivable Kingbird Acroontrianscivabie Loss on Sale of Recelvables 160100 Dinged cifitime eTextbook and Media

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