Problem 3 Solid Company sold accounts receivable without recourse with amount ofP 3,000,000. The factor charged 5% commission on all accounts receivable factored and withheld 10% ofthe accounts factored as protection against customer returns and other adjustments. By year end, the entity had collected the factor's holdback there being no customer returns and other adjustments. REQUIRED: 1. Prepare journal entries to record factoring and the subsequent collection ofthe factor's holdback if factoring is made on a casual sale. 2. Prepare journal entries to record factoring it is made as a regular means of financing