Orlando is a manager and sales coordinator at ETC Merchandise. His team members have the liberty to work from home or office, just like Orlando does, as long as they meet the sales targets every month. Orlando allows them this liberty because he knows that they are highly focused and dedicated like him, and that they monitor their own progress and work effectiveness, just like he does for himself. This scenario illustrates the concept of .

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.