Paper , Order, or Assignment Requirements

Beliz Company Factored TL 60.000 of its accounts receivable with Ozen Faktoring. Ozen Fak. charged a 7% finance charge on all factored receivables, kept 1% of the receivables for sales discounts that might be taken and wtihheld TL 500 for recourse liability. Assuming this is a factoring with recourse prepare the journal entry on Beliz’s Book and Ozen’s book to record this transaction. Assuming this is a factoring without recourse prepare the entry to record the factoring on the books of Beliz, in this case Ozen Faktoring charges 8.5% for finance expense