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Question 9 On May 1, Dexter, Inc. factored $1,290,000 of accounts receivable with Quick Finance on a without recourse basis. Under the arrangement, Dexter was to handle disputes concerning service, and Quick Finance was to make the collections, handle the sales discounts, and absorb the credit losses. Quick Finance assessed a finance charge of 6% of the total accounts receivable factored and retained an amount equal to 1% of the total receivables to cover sales discounts. Prepare the journal entry...
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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,...
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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...
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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....
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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...
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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...
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On May 1, Tower, Inc. factored $300,000 of accounts receivable with Casey Finance on a without service, and CaseyF absorb the credit losses Casey Finance receivable factored and retained an amount equal to 2% of the total basis. Under the arr was to make the collections, handle the sales s to (a) Prepare the journal entry required on Tower's books on May 1 (b) Prepare the journal entry required on Casey Finance's books on May 1 (c) Assume Tower factors...
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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...
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KiYgbird Incorporated factored $150.700 of accounts receivable with Engram Factors inc on a with recourse basis Engram assesses a 2 an amount equal to 7% of accounts receivable for possible adjustments finance charge of the amount of accounts receivable and retains f 7680 Prepare the journal entry for Kingbird to record the sale, assuming that the recourse ability hasafar a Credit account t ortomatically indented when the amount ante. Do not inden man Account Titles and Explanation Debit Credit
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6. (7 points)Wood Incorporated
factored $300,000 of accounts receivable with Engram Factors Inc.
on a without recourse basis. Engram assesses a 3.50% finance charge
of the amount of accounts receivable and retains an amount equal to
7% of accounts receivable for possible adjustments.Prepare the
journal entry for Wood to record the sale. Also, record the journal
entry for Engram Factors, Inc. to record the purchase of the
receivables
6. (7 points) Wood Incorporated factored $300,000 of accounts receivable with Engram...
Question 9 On May 1, Dexter, Inc. factored $1,290,000 of accounts receivable with Quick Finance on a without recourse basis. Under the arrangement, Dexter was to handle disputes concerning service, and Quick Finance was to make the collections, handle the sales discounts, and absorb the credit losses. Quick Finance assessed a finance charge of 6% of the total accounts receivable factored and retained an amount equal to 1% of the total receivables to cover sales discounts. Prepare the journal entry...
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...
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....
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...
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...
On May 1, Tower, Inc. factored $300,000 of accounts receivable with Casey Finance on a without service, and CaseyF absorb the credit losses Casey Finance receivable factored and retained an amount equal to 2% of the total basis. Under the arr was to make the collections, handle the sales s to (a) Prepare the journal entry required on Tower's books on May 1 (b) Prepare the journal entry required on Casey Finance's books on May 1 (c) Assume Tower factors...
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...
KiYgbird Incorporated factored $150.700 of accounts receivable with Engram Factors inc on a with recourse basis Engram assesses a 2 an amount equal to 7% of accounts receivable for possible adjustments finance charge of the amount of accounts receivable and retains f 7680 Prepare the journal entry for Kingbird to record the sale, assuming that the recourse ability hasafar a Credit account t ortomatically indented when the amount ante. Do not inden man Account Titles and Explanation Debit Credit
6. (7 points)Wood Incorporated
factored $300,000 of accounts receivable with Engram Factors Inc.
on a without recourse basis. Engram assesses a 3.50% finance charge
of the amount of accounts receivable and retains an amount equal to
7% of accounts receivable for possible adjustments.Prepare the
journal entry for Wood to record the sale. Also, record the journal
entry for Engram Factors, Inc. to record the purchase of the
receivables
6. (7 points) Wood Incorporated factored $300,000 of accounts receivable with Engram...