Question: Part II: Five Exercises@16 points each (80 points total) 1) On May 1, Onyx, Inc. factored $300,000 of accounts receivable with Cookie Finance without recourse.

Part II: Five Exercises@16 points each (80 points total) 1) On May 1, Onyx, Inc. factored $300,000 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 $300,000 of accounts receivable with Cookie Finance with recourse. The recourse value of $5,000. Prepare the journal entry required on Onyx's books on May 1. provision has a fair Part Account a. b

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