Without recourse in case of payment default by the debtor. We have no material continuing involvement in the receivables sold without recourse which are derecognized in their entirety.
Refer to this link.
First Understand recourse= no return meaning that if receivables are sold out to someone else say Firm, then the receivables will not be returned back to the seller if for any reason the debtor defaults therefore this will be recognized as a revenue or sale if you wish
Double entry is Dr Cash Cr = Receivables/revenue....