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Exon Company sold accounts receivable of 516,000 (with an allowance for doubtful accounts of 5480) for $14,400 cash, with recourse. Estimated obligations due to the
Exon Company sold accounts receivable of 516,000 (with an allowance for doubtful accounts of 5480) for $14,400 cash, with recourse. Estimated obligations due to the with-recourse provision amounted to $1,120. Record the sale of receivables entry for Exon Company Note: If a line in the journal entry isn't required for the transaction, select "N/A" as the account name and leave the Dr, and Cr. answers blank (zero). Account Name Cash Allowance for Doubtful Accounts Dr. Cr. . Accounts Receivable Cash Accounts Receivable Allowance for Doubtful Accounts Interest Receivable Receivable from Factor Note Receivable Discount on Note Receivable Payable to Seller of Receivables Refund Liability Recourse Liability Note Payable Sales Revenue Sales Returns Sales Discount Sales Discount Forfeited Financing Revenue Interest Revenue Cost of Goods Sold Bad Debt Expense Finance Expense N le is > Receivable from Factor Note Receivable Discount on Note Receivable Payable to Seller of Receivables Refund Liability Recourse Liability Note Payable Sales Revenue Sales Returns Sales Discount Sales Discount Forfeited Financing Revenue Interest Revenue Cost of Goods Sold Bad Debt Expense Finance Expense Interest Expense Loss on Sale of Note Loss on Sale of Receivables N/A IS
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