Prepare all necessary journal entries made by Needham. Show the balance sheet presentation of the assigned accounts receivable and any related liabilities at August 31. Prepare all necessary journal entries made by Needham assuming these changes in the given scenario: The transaction qualifies under U. S. GAAP as a sale with recourse. The assessed monthly finance charge increases the Loss on sale of receivables account and is offset by a credit to Due from factor. Although Needham has guaranteed the transferred accounts, their high quality makes nonpayment unlikely.

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answer///ability to capture the attention of users;