Business, 06.10.2019 01:00 miklff

Exercise 7-18 sweet corporation factors $275,100 of accounts receivable with kathleen battle financing, inc. on a with recourse basis. kathleen battle financing will collect the receivables. the receivables records are transferred to kathleen battle financing on august 15, 2020. kathleen battle financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments. (b) assume that the conditions are met for a transfer of receivables with recourse to be accounted for as a sale. prepare the journal entry on august 15, 2020, for sweet to record the sale of receivables, assuming the recourse obligation has a fair value of $3,670

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Exercise 7-18 sweet corporation factors $275,100 of accounts receivable with kathleen battle financi...

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