Question $14$ Not changed since last attempt

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On March $15,$ Piece Co$.$ is considering the following two scenarios to accelerate the collection of outstanding accounts receivable totaling $$500,000$ : $(1)$ selling the receivables with recourse and $(2)$ selling the receivables without recourse. Prepare the entries required for Piece Co$.$ on March $15$ to record assignment of receivables for these two separate scenarios.

Sell accounts receivable with recourse. The finance company charges $5\%$ as a finance fee and withholds $10\%$ of the receivables for sales returns, allowances, and discounts. Piece Co$.$ expects $2\%$ of the accounts receivable balance to be uncollectible.

Sell accounts receivable without recourse. The finance company charges $6\%$ as a finance fee and withholds $12\%$ of the receivables for sales returns, allowances, and discounts. Piece Co$.$ expects $1\%$ of the accounts receivable balance to be uncollectible.