On December 1, Harrison Company sold without recourse $345,000 of its accounts receivable to Happy Finance Company

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On December 1, Harrison Company sold without recourse $345,000 of its accounts receivable to Happy Finance Company for 85% of their value. A 10% commission on the gross value of the factored accounts was charged.

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Prepare the journal entry to record the factoring.

Related Book For answer-question

Intermediate Accounting IFRS

ISBN: 9781119607519

4th Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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Posted Date: Jun 21, 2022 07:46 AM

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On December 1, Harrison Company sold without recourse $345,000 of its accounts receivable to Happy Finance Company

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Prepare the journal entry to record the factoring ... View the full answer

Intermediate Accounting IFRS

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