Keyser Woodcrafters sells $200,000 of receivables to Commercial Factors, Inc. on a with recourse basis. Commercial assesses
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Keyser Woodcrafters sells $200,000 of receivables to Commercial Factors, Inc. on a with recourse basis. Commercial assesses a finance charge of 5% and retains an amount equal to 4% of accounts receivable. Keyser estimates the fair value of the recourse obligation to be $8,000. Prepare the journal entry for Keyser to record the sale.
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Cash 200000 200000 X 05 04 182000 Due f...View the full answer
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Related Book For 
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
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