Land Dec. 1 31,600 25,200 Dec. 2 Dec. 2 6,200 11,600 Dec. 3 Dec. 5 25,000 6,100 Dec. 4 Dec. 6 12,500 1,200 Dec. 6 Dec. 7 29,200 17,100 Dec. 10 Bal. correct incorrect correct correct Notes Payable Dec. 1 12,700 54,600 Dec. 2 Dec. 2 2,000 23,800 Dec. 3 Dec. 5 9,600 14,500 Dec. 4 Dec. 6 4,800 2,600 Dec. 6 Dec. 7 11,300 37,100 Dec. 10 correct correct incorrect Bal. correct

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.