Bramble corporation factors $252,500 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 bramble to record the sale of receivables, assuming the recourse obligation has a fair value of $4,940. (if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. credit account titles are automatically indented when the amount is entered. do not indent manually.)

Explanation:

Before passing the journal entry we have to do the calculations which is shown below:

The accounts receivable is $252,500

Financial charge = 2% of accounts receivable = $252,500 × 2% = $5,050

Recourse obligation fair value = $4,940

The loss on receivables sold would be = $5,050 + $4,940 = $9,990

Reserve amount =  4% of accounts receivable = $252,500 × 2% = $10,100

Now the journal entry would be shown below:

Cash A/c Dr $237,350

Reserve A/c Dr $10,100

Loss on receivables sold A/c Dr $9,990

      To Recourse liability                             $4,940

       To Accounts receivable                      $252,500

(Being the sale of receivables with recourse is recorded)

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