MsBeautiful2014 MsBeautiful2014

09-03-2020
Business

contestada

Sage Hill plans to factor accounts receivable totaling $60,000 at the end of the year. Sage Hill will transfer the accounts to Herzog Factors, Inc. with recourse. Herzog Factors will retain 3% of the balances for probable adjustments and assesses a finance charge of 5%. The fair value of the recourse obligation is $2,500. Prepare the journal entry to record the sale of the receivables.

Respuesta :

muratkhanmoldir00 muratkhanmoldir00

11-03-2020

Answer:

Explanation:

Dr Cash 55,200

Dr Loss from sale of receivables [(60,000*5%) + 2500] 5,500

Dr Receivable from factor (60,000*3%) 1,800

Cr Recourse liability 2,500

Cr Accounts Receivable 60,000

Answer Link

Otras preguntas

Most scrambled eggs are too dense. To make your eggs light and fluffy, just add a splash of milk. That one simple change will soften up your eggs, but it takes

Convert from polar to rectangular coordinates (0, {π}/{6}) A) x = 0, quad y = 0 B) x = {√{3}}/{2}, quad y = {1}/{2} C) x = {√{3}}/{2}, quad y = {√{3}}/{2} D) x

A company has an inventory period of 25.2 days, an accounts payable period of 35.3 days, and an accounts receivable period of 30.8 days. What is the company's o

Which of the following are unemployment and inflation possibilities given the monetary policy? Check all that apply. a) High inflation, low unemployment b) High

How does apnea due to ketamine usually present? a) Sudden cessation of breathing with rapid onset b) Gradual decrease in respiratory rate with prolonged expirat

Based on your knowledge of combustion reactions, enthalpy, and entropy, what can you determine about the spontaneity of this reaction under standard conditions?

What does the nurse teach the patient to prevent thyroid-related problems?a. Avoid saltwater fish in the diet. b. Include at least 30 g of protein daily. c. Use

The real cubic expansivity of liquid it the linear expansivity of a material of th bottle is =0.00000 6-k

Question 7 options: The results of a survey asking 500 people about their favorite ice cream flavor are shown in the able. What is the experimental probability

To determine whether a certain fixture will fit in the available space, plumbers often use _______?