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On May 1, 2020 Guf Trading Co factors $400,000 of its accounts receivable with Red Sea factor into a non guarantee without recoursbasis

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On May 1, 2020 Guf Trading Co factors $400,000 of its accounts receivable with Red Sea factor into a non guarantee without recoursbasis. Med Sea Factoring is a charge of the amount of mounts recevable and retains an amount equal to 7 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. Dre ALTF101 O ALTF-F10 M