North Incorporated sold 0,000 of accounts receivable to Southern Inc. on a with recourse basis. Southern 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 entries for North Incorporated and Southern to record the sale of the accounts receivable to Southern assuming that the recourse liability has a fair value of $15,000.
- RECOMMENDED!!ACC 317-Summarize the major benefits of forming a corporation
- RECOMMENDED!!ACCT 324-Drab Corporation, a calendar year S corporation,
- RECOMMENDED!!QNT 561 BUSSINESS-To prepare the statement of cash flows, accountants for Vinson
- RECOMMENDED!!MBA 641-Glass company manufactures glasses that it sells
- RECOMMENDED!!ACCT 151-Trego Company issued, on December 31, 2018