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eBook General Journal Balance Sheet IFRS White Corporation has entered into an agreement to transfer recewable OD reed ondt nsk) and is charged a 1% service darge, which Sbased oan balance The ransferred recevables will coninue to be colected by Whide with any cash tows being remitted to Murphy at the end of each month. White is anyone ebe White nomaty transters its accounts receivabie The tollowing selected 2016 ransactions relate to this agreement acounts receivable toMurphy Company Under the terms oftes agreement, white reoees 80% ofthe value of al the hastemed accounts upon the dollar amount of transferred receivables Interest is charged at an annual interest rate of 12% of any outstanding Dec 1 Accounts receivable of $170,000 are transferred 11 A sales return of $1,000 on a transferred account is made 1 Collecions are made on $83,000 of the transfermed accounts receivable. This amount plus interest for the month of Decemberit applicable) is remited to Murphy Required 1 Assume that White uses U S GAAP A Prepare journal entries on White's books to record the preceding transactions 8 How wouild this agreement be reported on White's December 31, 2016, balance sheet (assume the note payable is short-term)? 2 Assume hat White SeS IFRS A Preparejournal entes on whte's books to record he precedig ransactions B. How would thie agrement be reported on White's December 31, 2016, balance sheet (assume the note payable is shor-termj? eBook General Journal Balance Sheet IFRS White Corporation has entered into an agreement to transfer recewable OD reed ondt nsk) and is charged a 1% service darge, which Sbased oan balance The ransferred recevables will coninue to be colected by Whide with any cash tows being remitted to Murphy at the end of each month. White is anyone ebe White nomaty transters its accounts receivabie The tollowing selected 2016 ransactions relate to this agreement acounts receivable toMurphy Company Under the terms oftes agreement, white reoees 80% ofthe value of al the hastemed accounts upon the dollar amount of transferred receivables Interest is charged at an annual interest rate of 12% of any outstanding Dec 1 Accounts receivable of $170,000 are transferred 11 A sales return of $1,000 on a transferred account is made 1 Collecions are made on $83,000 of the transfermed accounts receivable. This amount plus interest for the month of Decemberit applicable) is remited to Murphy Required 1 Assume that White uses U S GAAP A Prepare journal entries on White's books to record the preceding transactions 8 How wouild this agreement be reported on White's December 31, 2016, balance sheet (assume the note payable is short-term)? 2 Assume hat White SeS IFRS A Preparejournal entes on whte's books to record he precedig ransactions B. How would thie agrement be reported on White's December 31, 2016, balance sheet (assume the note payable is shor-termj
