In response to requests from customers, s. rey will begin selling computer software. the company will extend credit terms of 1/10, n/30, fob shipping point, to all customers who purchase this merchandise. however, no cash discount is available on consulting fees. additional accounts (nos. 119, 413, 414, 415, and 502) are added to its general ledger to accommodate the company's new merchandising activities. also, business solutions does not use reversing entries and, therefore, all revenue and expense accounts have zero beginning balances as of january 1, 2018. its transactions for january through march follow:

%of the world's population controls approximately % of the world's finances (the sum of gross domestic products)" quizlket

Your own record of all your transactions. a. check register b. account statement

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.