Bramble Incorporated factored $145,100 of accounts receivable with Engram Factors Inc. on a with recourse basis. Engram
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Bramble Incorporated factored $145,100 of accounts receivable with Engram Factors Inc. on a with recourse basis. Engram assesses a 3% finance charge of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable for possible adjustments.
Prepare the journal entry for Bramble to record the sale, assuming that the recourse liability has a fair value of $6,660.
Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
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