QUESTION 1 12 points Save Answer Part A On May 1. Carter, Inc factored 5800,000 of accounts receivable with Fax Finance on a without recourse basis. Fax Finance remitted 90% of the total factored accounts receivable to Carter Inc. and retained 10% When Fax Finance collects the receivables. It will remitto Carter. In the retained amountless a 27 (2% of a total factor amount) Carter, Inc estimates that the fair value of the retained amount is 566,000 Required. Prepare the journal entry required on Carter's books on May 1 to record the sale of receivables Answer: Account Amounds DES Crede May 1