Calico corners decides to sell $400,000 of its accounts receivable to fast cash factors inc. fast cash factors assesses a service charge of 3% of the amount of receivables sold. prepare the journal entry that calico corners makes to record this sale. (credit account titles are automatically indented when the amount is entered. do not indent manually.)

At the end of the fiscal year, apha airlines has an outstanding non-cancellable purchase commitment for the purchase of 1 million gallons of jet fuel at a price of $4.10 per gallon for delivery during the coming summer. the company prices its inventory at the lower of cost or market. if the market price for jet fuel at the end of the year is $4.50, how would this situation be reflected in the annual financial statements?