Two brothers moving prepared the following sales budget: month cash sales credit sales march $ 19 comma 000 $ 5 comma 000 april $ 40 comma 000 $ 20 comma 000 may $ 38 comma 000 $ 39 comma 000 june $ 51 comma 000 $ 48 comma 000 credit collections are 10% in the month of sale, 65% in the month following the sale, and 20% two months following the sale. the remaining 5% is expected to be uncollectible. what are the total cash collections in may at two brothers moving?

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.