Arness Woodcrafters sells $203,200of receivables to Commercial Factors, Inc. on a with recourse basis. Commercial assesses a

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Arness Woodcrafters sells $203,200of receivables to Commercial Factors, Inc. on a with recourse basis. Commercial assesses a finance charge of6% and retains an amount equal to5% of accounts receivable. Arness estimates the fair value of the recourse liability to be $8,460.

Prepare the journal entry for Arness to record the sale.

Posted Date: Jun 13, 2024 09:44 PM

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Arness Woodcrafters sells $203,200of receivables to Commercial Factors, Inc. on a with recourse basis. Commercial assesses a

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