Select the correct text in the passage. Which sentence correctly describes the GDP of a country? Ava is an assistant to a bureaucrat. She is preparing a report on the GDP of the country. She finds that the GDP is low this year. She concludes that the country’s output of goods and services is very high. She uses the income-based approach to calculate the GDP. According to the approach, she considers the expenses incurred annually as the GDP. She classifies the earnings of partnership firms as mixed income. She categorizes employee wages as operating surplus.

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.