Homework Answers
| Date | Account Titles and Explanation | Debit | Credit |
| Aug 15 2020 | Cash ($268100 X 94%) | $ 2,52,014 | |
| Due from factors ($268100 X 4%) | $ 10,724 | ||
| Loss on Sale of receivables [($268100 X 2%) + $4380] | $ 9,742 | ||
| Recourse Liability | $ 4,380 | ||
| Accounts receivables | $ 2,68,100 |
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Bonita Corporation factors $268.100 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse...
Buffalo Corporation factors $268,700 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse...
Buffalo Corporation factors $268,700 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...
Windsor Corporation factors $278,800 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse...
Windsor Corporation factors $278,800 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...
Whispering Corporation factors $252,500 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse...
Whispering 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, 2017. 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 the transfer of receivables with...
Flounder Corporation factors $251,700 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse...
Flounder Corporation factors $251,700 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, 2017. 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 adjustment 2n Battle Financing will collect the receivables (b) Assume that the conditions are...
Task #3 (Transfer of Receivables without Recourse and with Recourse) Strassner Corporation factors S262,500 of accounts...
Task #3 (Transfer of Receivables without Recourse and with Recourse) Strassner Corporation factors S262,500 of accounts receivable with Sultanali Financing, Inc. on with basis. Sultanali Financing will collect the receivables. The receivables records are transferred to Sultanali Financial on August 15, 2019. Sultanali Financing assesses a finance charge of 3% of the amount of accounts receivable also reserves an amount equal to 5% of accounts receivable to cover probable adjustments Instructions A Prepare the journal entry on August 15, 2019....
Task #3 ( Transfer of Receivables without Recourse and with Recourse) Strassner Corporation factors $262,500 of...
Task #3 ( Transfer of Receivables without Recourse and with Recourse) Strassner Corporation factors $262,500 of accounts receivable with Sultanali Financing, Inc. on a with recourse basis. Sultanali Financing will collect the receivables. The receivables records are transferred to Sultanali Financing on August 15, 2019. Sultanali Financing assesses a finance charge of 3 % of the amount of accounts receivable and also reserves an amount equal to 5% of accounts receivable to cover probable adjustments. Instructions A. Prepare the journal...
Task Transfer of Receivables without Recourse and with Recourse) Strassner Corporation factor $262.500 of accounts...
Task Transfer of Receivables without Recourse and with Recourse) Strassner Corporation factor $262.500 of accounts receivable with Sultanali Financing Inc. on a with recor basis. Sultanal Financing will collect the receivables. The ab s ords are transferred to Sultanal Financing on August 15, 2019. Sultanali Financing assesses a finance charge of 19 of the amount of accounts receivable and also reserves an amount equal to 596 of accounts receivable to cover probable adjustments. Instructions A Prepare the journal entry on...
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...
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,...
Buffalo Corporation factors $268,700 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...
Windsor Corporation factors $278,800 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...
Flounder Corporation factors $251,700 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, 2017. 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 adjustment 2n Battle Financing will collect the receivables (b) Assume that the conditions are...
Task #3 (Transfer of Receivables without Recourse and with Recourse) Strassner Corporation factors S262,500 of accounts receivable with Sultanali Financing, Inc. on with basis. Sultanali Financing will collect the receivables. The receivables records are transferred to Sultanali Financial on August 15, 2019. Sultanali Financing assesses a finance charge of 3% of the amount of accounts receivable also reserves an amount equal to 5% of accounts receivable to cover probable adjustments Instructions A Prepare the journal entry on August 15, 2019....
Task #3 ( Transfer of Receivables without Recourse and with Recourse) Strassner Corporation factors $262,500 of accounts receivable with Sultanali Financing, Inc. on a with recourse basis. Sultanali Financing will collect the receivables. The receivables records are transferred to Sultanali Financing on August 15, 2019. Sultanali Financing assesses a finance charge of 3 % of the amount of accounts receivable and also reserves an amount equal to 5% of accounts receivable to cover probable adjustments. Instructions A. Prepare the journal...
Task Transfer of Receivables without Recourse and with Recourse) Strassner Corporation factor $262.500 of accounts receivable with Sultanali Financing Inc. on a with recor basis. Sultanal Financing will collect the receivables. The ab s ords are transferred to Sultanal Financing on August 15, 2019. Sultanali Financing assesses a finance charge of 19 of the amount of accounts receivable and also reserves an amount equal to 596 of accounts receivable to cover probable adjustments. Instructions A Prepare the journal entry on...
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...
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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