dorn corporation factored their accounts receivables to CIT financial under the following terms: Dorn's A / R

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dorn corporation factored their accounts receivables to CIT financial under the following terms: Dorn's A

/

R Balance $

980, 000

Likely Bad Debt Expense

5 % .

Factors fee

7 % .

CIT "Holds back" $

50, 000

for any potential errors or returns. Prepare dorn's journal entry to factor to these receivables "with" recourse

Posted Date: May 18, 2024 05:07 PM

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dorn corporation factored their accounts receivables to CIT financial under the following terms: Dorn's A / R

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