Question: Part II: Five Exercises @ 16 points each (80 points totab) 1) On May 1, Onyx, Inc. factored $600,000 of Cookie Fi charge amount equal

Part II: Five Exercises @ 16 points each (80 points totab) 1) On May 1, Onyx, Inc. factored $600,000 of Cookie Fi charge amount equal to 2%. Assume the transaction is a sale Required: accounts receivable with ance without recourse. Cookie Finance assessed a finance or 6% of the total accounts receivable factored and retained an 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 Cookie Finance with recourse. The recourse provision has a fair wit value of $10,000. Prepare the journal entry required on Ony's books on May 1 Part Account a. b. 5 | P a

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