You are hired as the hr director for the fictitious xyz company, a business-to-business sales company, manufactures small motors and accessories for industrial and home products. the industry is highly competitive, and the company follows a prospector strategy. the objective of a prospector strategy is to find and exploit new products and market opportunities (gomez-mejia, galkin & cardy, 2001). a prospector wants to be first to market. to respond to competitive and rapidly changing markets, prospectors have flexible, flat and more decentralized organizational structures

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.