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Transfer of Receivables with Recourse Bryant Inc. factors receivables with a carrying amount of $200,000 to Warren Company for $190,000

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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

Intermediate Accounting

ISBN: 978-0470423684

13th Edition

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

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Question Posted: February 15, 2011 05:52:15
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