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On May 1, Concord, Inc. factored $1,376,000 of accounts receivable with Quick Finance on a without recourse basis. Under the arrangement, Concord was to handle disputes concerning service, and Quick Finance was to make the collections, handle the sales discounts, and absorb the credit losses. Quick Finance assessed a finance charge of 6% of the total accounts receivable factored and retained an amount equal to 2% of the total receivables to cover sales discounts. Your answer is partially correct. Prepare the journal entry required on Concord's books on May 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Prepare the journal entry required on Quick Finance's books on May 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation May 1. Cash Due from Factor Loss on Sale of Receivables Debit Credit Assume Concord factors the $1,376,000 of accounts receivable with Quick Finance on a with recourse basis instead. The recourse provision has a fair value of $24,080. Prepare the journal entry required on Concord's books on May 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation May 1. Debit Credit 1000