Brief exercise 4-09 at raymond company, the following errors were discovered after the transactions had been journalized and posted. 1. a collection on account from a customer for $870 was recorded as a debit to cash $870 and a credit to service revenue $870. 2. the purchase of store supplies on account for $1,510 was recorded as a debit to supplies $1,150 and a credit to accounts payable $1,150. prepare the correcting entries

Reynolds corp. factors $400,000 of accounts receivable with mateer finance corporation on a without recourse basis on july 1, 2015. the receivables records are transferred to mateer finance, which will receive the collections. mateer finance assesses a finance charge of 1 ½ percent of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. the transaction is to be recorded as a sale.required: a. prepare the journal entry on july 1, 2015, for reynolds corp. to record the sale of receivables without recourse.b. prepare the journal entry on july 1, 2015, for mateer finance corporation to record the purchase of receivables without recourse— think through this.c. explain the difference between sale of receivables with recourse as oppose to without recourse.