Transfer of Receivables with Recourse Bryant Inc. factors receivables with a carrying amount of $200,000 to Warren Company for $190,000 on a with recourse basis.
Transfer of Receivables with Recourse Bryant Inc. factors receivables with a carrying amount of $200,000 to Warren Company for $190,000 on a with recourse basis. The recourse provision has a fair value of $2,000. This transaction should be recorded as a sale. Prepare the appropriate journal entry to record this transaction on the books of Bryant Inc.
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
13th Edition
9780470374948, 470423684, 470374942, 978-0470423684
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