Identify Postings from Cash Payments Journal Using the following cash payments journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that No posting is required. CASH PAYMENTS JOURNAL Page 46 Date Ck. No. Account Debited Post. Ref. Other Accounts Dr. Accounts Payable Dr. Cash Cr. 20Y1 July 3 611 Energy Systems Co. (a) 4,000 4,000 July 5 612 Utilities Expense (b) 310 310 July 10 613 Prepaid Rent (c) 3,200 3,200 July 16 614 Flowers to Go, Inc. (d) 1,250 1,250 July 19 615 Advertising Expense (e) 640 640 July 22 616 Office Equipment (f) 3,600 3,600 July 25 617 Echo Co. (g) 5,500 5,500 July 26 618 Office Supplies (h) 250 250 July 31 619 Salaries Expense (i) 1,750 1,750 July 31 9,750 10,750 20,500 (j) (k) (l)

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.