Concord Incorporated factored $167.800 of accounts receivable with Marigold Factors Inc. on a without-recourse basis. Marigold assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable for possible adjustments. Prepare the journal entry for Concord Incorporated and Marigold Factors to record the factoring of the accounts receivable to Marigold. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit Concord 1. Marigold 2. |