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On April 1, DOS Company sold $10,000 accounts receivable to PS2 Finance Company to obtain...

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Accounting

On April 1, DOS Company sold $10,000 accounts receivable to PS2 Finance Company to obtain immediate cash. The related allowance for doubtful accounts was $400. The financial agreement specified a price of $8,000 on a withoutrecourse basis.
Required
Prepare the journal entry for DOS Company to sell the accounts receivable.
Note: If a line in the journal entry isn't required for the transaction, select "N/A" as the account name and leave the Dr. and Cr. answers blank (zero).
\table[[Account Name,Dr.,Cr.],[Cash,8,000,0],[Loss on Sale of Receivables,1,600,0],[Accounts Receivable,0,10,000
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