Refer to Practice 7-15. Assume that Cammo received the entire $53,000 in cash immediately. Also assume that

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Refer to Practice 7-15. Assume that Cammo received the entire $53,000 in cash immediately. Also assume that the transfer of receivables did not satisfy the three conditions contained in SFAS No. 140. Make the journal entry necessary on Cammo’s books to record the transfer of these receivables.

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Intermediate Accounting

ISBN: 978-0324592375

17th Edition

Authors: James D. Stice, Earl K. Stice, Fred Skousen

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