E7-17 (L06) (Transfer of Receivables with Recourse) Ames Quartet Inc. factors receivables with a carrying amount of
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E7-17 (L06) (Transfer of Receivables with Recourse) Ames Quartet Inc. factors receivables with a carrying amount of $200,000 to Joffrey Company for $160,000 on a with recourse basis.
Instructions The recourse provision has a fair value of $1,000. This transaction should be recorded as a sale. Prepare the appropriate journal entry to record this transaction on the books of Ames Quartet Inc.
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