Common interest
proprietary lease
overrides
common elements
owner's association
limited common elements
association
equal
do
declaration
shared
unit
do not
a. tenants in common co-owners
have the right of survivorship
b. condominiums, cooperatives, and planned unit developments (puds) are
communities
that
c. condominium features such as a balconies and storage lockers are
are owned by all, but used by one.
d. a condominium owner holds a sole and separate freehold interest in the
plus ownership of the common elements as a tenant in common
e
which
all condominium owners are required to be members of the
collects dues and manages the common elements.
f. condominiums are created by recording a
g. the roof, swimming pool, structure, hallways, and elevators in a condominium
complex are , which means they are owned and used by all.

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.