A company, needing cash, factored $600,000 of its Accounts Receivable, with recourse The factor charged a finance fee of 3 and retained an amount equal to 5 of accounts receivable The factor determined that the recourse obligation should be $9,000 Prepare the journal entry to record the transactio...

Journal Entry Dr Cash 552 000 600 000 5 3 Dr Intere ...

A company, needing cash, factored $600,000 of its Accounts Receivable, with recourse. The factor charged a...

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Cornerstones of Financial and Managerial Accounting

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A company, needing cash, factored $600,000 of its Accounts Receivable, with recourse. The factor charged a...

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