Question: Part II: Five Exercises @ 16 points each (80 points total 1) On May 1, Onyx, Inc. factored $600,000 of accounts receivable with Cookie Finance

Part II: Five Exercises @ 16 points each (80 points total 1) On May 1, Onyx, Inc. factored $600,000 of accounts receivable with Cookie Finance without recourse. Cookie Finance assessed a finance charge of 6% of the total accounts receivable factored and retained an amount equal to 2%. Assume the transaction is a sale. Required a. Prepare the journal entry required on Onyx's books on May 1 b. Now assume that Onyx factors the $600,000 of accounts receivable with Cookie Finance with recourse. The recourse provision has a fair value of $10,000. Prepare the journal entry required on Onyx's books on May 1 Part Account a. b. 51Page

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