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On May 1, 2020, Gulf Trading Co

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On May 1, 2020, Gulf Trading Co. factors $960,000 of its accounts receivable with Red Sea Factor Inc. on a non-guarantee (without recourse) basis. Red Sea Factor Inc. assesses a finance charge of 296 of the amount of accounts receivable and retains an amount equal to 796 of the accounts receivable (for probable adjustments). Required: Prepare the journal entry to record the transfer of accounts receivables on non-guarantee basis by: 1. Gulf Trading Co. 2. Red Sea Factor Inc. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). ? ? ? S Paragraph Arial 14px E * i P O WORDS POWERED BY TINY