Javier computer services began operations in july 2019. at the end of the month, the company prepares monthly financial statements. it has the following information for the month. 1. at july 31, the company owed employees $1,300 in salaries that the company will pay in august. 2. on july 1, the company borrowed $20,000 from a local bank on a 10-year note. the annual interest rate is 12%. 3. service revenue unrecorded in july totaled $2,400. prepare the adjusting entries needed at july 31, 2019. (credit account titles are automatically indented when the amount is entered. do not indent manually.)

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.