Bill spent most of his month’s allowance for expensive tickets to a rock concert after lorene said she would go with him. on the morning of the event, lorene phoned and said she was terribly sorry, but tony, the high school’s fullback, had also asked her to go and she “just couldn’t say no.” did she breach a contract? could tony be held legally liable if he knew lorene had already promised to go with bill? was lorene’s conduct ethical? if tony knew lorene had already promised to go with bill, was tony’s conduct ethical?

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.