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Question 9 On May 1, Dexter, Inc. factored $1,290,000 of accounts receivable with Quick Finance on...
BLANK Corp. factors $440,000 of accounts receivable with BLANK Finance Corporation on a without recourse basis...
BLANK Corp. factors $440,000 of accounts receivable with BLANK
Finance Corporation on a without recourse basis on July 1, 2017.
The receivables records are transferred to BLANK Finance, which
will receive the collections. BLANK Finance assesses a finance
charge of 1.90% of the amount of accounts receivable and retains an
amount equal to 6% of accounts receivable to cover sales discounts,
returns, and allowances. The transaction is to be recorded as a
sale.
Prepare the journal entry on July 1,...
Wildhorse Corp. factors $441,000 of accounts receivable with Sheffield Finance Corporation on a without recourse basis...
Wildhorse Corp. factors $441,000 of accounts receivable with Sheffield Finance Corporation on a without recourse basis on July 1, 2020 The receivables records are transferred to Sheffield Finance, which will receive the collections. Sheffield Finance assesses a finance charge of 1.80% of the amount of accounts receivable and retains an amount equal to 6 % of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale (a) Your answer is correct Prepare...
Sheffield Corp. factors $414,000 of accounts receivable with Tamarisk Finance Corporation on a without recourse basis...
Sheffield Corp. factors $414,000 of accounts receivable with Tamarisk Finance Corporation on a without recourse basis on July 1, 2020. The receivables records are transferred to Tamarisk Finance, which will receive the collections. Tamarisk Finance assesses a finance charge of 1.60% of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale. (a) Your answer has been saved. See...
Bramble Incorporated factored $163,900 of accounts receivable with Sunland Factors Inc on a without recourse basis....
Bramble Incorporated factored $163,900 of accounts receivable with Sunland Factors Inc on a without recourse basis. Sunland retains an amount equal to 6% of accounts receivable for possible adjustments. e sa 2% finance charge of the amount of accounts receivable and Prepare the journal entry for Bramble incorporated and Sunland Factors to record the factoring of the accounts receivable to Sunland. Of no entry is required for the amounts. Credit account titles are automatically indented when the amount is entered....
Martinez Incorporated factored $139,200 of accounts receivable with Sandhill Factors Inc, on a without-recourse basis. Sandhill...
Martinez Incorporated factored $139,200 of accounts receivable with Sandhill Factors Inc, on a without-recourse basis. Sandhill assesses a 3% finance charge of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable for possible adjustments. Prepare the journal entry for Martinez Incorporated and Sandhill Factors to record the factoring of the accounts receivable to Sandhill. If no entry is required, select "No Entry" for the account titles and enter for the amounts Credit account titles...
Question 13 --/1 View Policies Current Attempt in Progress Flint Incorporated factored $156,000 of accounts receivable...
Question 13 --/1 View Policies Current Attempt in Progress Flint Incorporated factored $156,000 of accounts receivable with Buffalo Factors Inc. on a without-recourse basis. Buffalo assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable for possible adjustments. Prepare the journal entry for Flint Incorporated and Buffalo Factors to record the factoring of the accounts receivable to Buffalo. (if no entry is required, select "No Entry" for the account...
Indigo Incorporated factored $163,900 of accounts receivable with Sweet Factors Inc. on a without-recourse basis. Sweet...
Indigo Incorporated factored $163,900 of accounts receivable with Sweet Factors Inc. on a without-recourse basis. Sweet assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable for possible adjustments. Prepare the journal entry for Indigo Incorporated and Sweet Factors to record the factoring of the accounts receivable to Sweet. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles...
On July 15, Central States Corporation factored $250.000 of accounts receivable with Franklin Factors on a without...
On July 15, Central States Corporation factored $250.000 of accounts receivable with Franklin Factors on a without recourse basis. Under the arrangement, Central was to handle disputes concerning service, and Franklin Factors was to make the collections, handle the sales discounts and absorb the credit losses. Franklin assessed a finance charge of 4% of the total accounts receivable factored and retained an amount equal to 2% of the total receivables to cover sales discounts. (2 points) (a) Prepare the journal...
P -Entries for bad debt expense. The trial balance before adjustment of Risen Company reports the...
P -Entries for bad debt expense. The trial balance before adjustment of Risen Company reports the following balances $300,000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances 5,000 1,700,000 80,000 Instructions (a) Prepare the entry for estimated bad debts assuming that doubtful accounts are estimated to be 6% of gross accounts receivable. (b) Assume that all the information above is the same, except that the Allowance for Doubtful Accounts has a debit balance of...
Brief Exercise 7-10 Sheridan Incorporated factored $163,900 of accounts receivable with Skysong Factors Inc. on a...
Brief Exercise 7-10
Sheridan Incorporated factored $163,900 of accounts receivable
with Skysong Factors Inc. on a without-recourse basis. Skysong
assesses a 2% finance charge of the amount of accounts receivable
and retains an amount equal to 6% of accounts receivable for
possible adjustments.
Prepare the journal entry for Sheridan Incorporated and Skysong
Factors to record the factoring of the accounts receivable to
Skysong. (If no entry is required, select "No Entry"
for the account titles and enter 0 for the...
BLANK Corp. factors $440,000 of accounts receivable with BLANK
Finance Corporation on a without recourse basis on July 1, 2017.
The receivables records are transferred to BLANK Finance, which
will receive the collections. BLANK Finance assesses a finance
charge of 1.90% of the amount of accounts receivable and retains an
amount equal to 6% of accounts receivable to cover sales discounts,
returns, and allowances. The transaction is to be recorded as a
sale.
Prepare the journal entry on July 1,...
Wildhorse Corp. factors $441,000 of accounts receivable with Sheffield Finance Corporation on a without recourse basis on July 1, 2020 The receivables records are transferred to Sheffield Finance, which will receive the collections. Sheffield Finance assesses a finance charge of 1.80% of the amount of accounts receivable and retains an amount equal to 6 % of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale (a) Your answer is correct Prepare...
Sheffield Corp. factors $414,000 of accounts receivable with Tamarisk Finance Corporation on a without recourse basis on July 1, 2020. The receivables records are transferred to Tamarisk Finance, which will receive the collections. Tamarisk Finance assesses a finance charge of 1.60% of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale. (a) Your answer has been saved. See...
Bramble Incorporated factored $163,900 of accounts receivable with Sunland Factors Inc on a without recourse basis. Sunland retains an amount equal to 6% of accounts receivable for possible adjustments. e sa 2% finance charge of the amount of accounts receivable and Prepare the journal entry for Bramble incorporated and Sunland Factors to record the factoring of the accounts receivable to Sunland. Of no entry is required for the amounts. Credit account titles are automatically indented when the amount is entered....
Martinez Incorporated factored $139,200 of accounts receivable with Sandhill Factors Inc, on a without-recourse basis. Sandhill assesses a 3% finance charge of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable for possible adjustments. Prepare the journal entry for Martinez Incorporated and Sandhill Factors to record the factoring of the accounts receivable to Sandhill. If no entry is required, select "No Entry" for the account titles and enter for the amounts Credit account titles...
Question 13 --/1 View Policies Current Attempt in Progress Flint Incorporated factored $156,000 of accounts receivable with Buffalo Factors Inc. on a without-recourse basis. Buffalo assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable for possible adjustments. Prepare the journal entry for Flint Incorporated and Buffalo Factors to record the factoring of the accounts receivable to Buffalo. (if no entry is required, select "No Entry" for the account...
Indigo Incorporated factored $163,900 of accounts receivable with Sweet Factors Inc. on a without-recourse basis. Sweet assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable for possible adjustments. Prepare the journal entry for Indigo Incorporated and Sweet Factors to record the factoring of the accounts receivable to Sweet. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles...
On July 15, Central States Corporation factored $250.000 of accounts receivable with Franklin Factors on a without recourse basis. Under the arrangement, Central was to handle disputes concerning service, and Franklin Factors was to make the collections, handle the sales discounts and absorb the credit losses. Franklin assessed a finance charge of 4% of the total accounts receivable factored and retained an amount equal to 2% of the total receivables to cover sales discounts. (2 points) (a) Prepare the journal...
P -Entries for bad debt expense. The trial balance before adjustment of Risen Company reports the following balances $300,000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances 5,000 1,700,000 80,000 Instructions (a) Prepare the entry for estimated bad debts assuming that doubtful accounts are estimated to be 6% of gross accounts receivable. (b) Assume that all the information above is the same, except that the Allowance for Doubtful Accounts has a debit balance of...
Brief Exercise 7-10
Sheridan Incorporated factored $163,900 of accounts receivable
with Skysong Factors Inc. on a without-recourse basis. Skysong
assesses a 2% finance charge of the amount of accounts receivable
and retains an amount equal to 6% of accounts receivable for
possible adjustments.
Prepare the journal entry for Sheridan Incorporated and Skysong
Factors to record the factoring of the accounts receivable to
Skysong. (If no entry is required, select "No Entry"
for the account titles and enter 0 for the...
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