How is the standard of living affected when inflation occurs rapidly? A
The standard of living declines because wages fail to keep up with rising prices.
B.
The standard of living improves because the value of the currency rapidly increases.
C.
The standard of living declines because the rising deficit results in higher tax rates.
D. The standard of living improves because rising returns on investments increase wealth.

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.