can you do this in the next 8 hours?

Project Description:

on 5/1/12, katz company sold $1,000,000 of its receivables to baxter bank with recourse. the agreement specified that baxter would make the collections. katz would pay a finance charge of 3%, in addition to paying monthly interest of ½% on the outstanding balance of receivables. baxter would withhold 10% from the initial cash payment, and the accrued interest charges would be deducted from baxter’s payments to katz. katz estimated that 1% of the receivables would ultimately prove to be uncollectible.

in may, baxter collected $400,000 of the receivables. another $400,000 was collected in june, $110,000 in july, and $82,000 in august, which baxter deemed to be the final collection.

prepare all journal entries necessary for katz at 5/1, 5/31, 6/30, 7/31, and 8/31.
Skills Required:
Project Stats:

Price Type: Negotiable

Total Proposals: 1
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