journal entry

mm Gradebook ORION Downloadable eTextbook ment CALCULATOR Exercise 7-21 (Part Level Submission) Presented below is information for Novak Company 1. Beginning-of-the-year Accounts Receivable balance was $19,600 2. Net sales (all on account for the year were $103,100. Novak does not offer cash discounts 3. Collections on accounts receivable during the year were 588,200. Novak is planning to factor some accounts receivable at the end of the year. Accounts totaling $11,100 will be transferred to credit factors, Inc with bences for probable adjustments and assesses a finance charge of 4%. The fale value of the recourse obligation is $1,143. Prepare the journal entry to record the sale of the receivables, cur no entry is required, select "Wo entry for the account elites and enter for entered. Do not Account Titles and Explanation Debit Credit Click if you would like to show Work for this questions on Show Work 2000 20. Als A Dom 96 5 6 2 3 4 W Y E R G F . D . S M CALCULATOR FULL SCREEN PRINTER VERSION BACK my balance was $19.000 5103,100. Novak does not offer cash discounts the year were $88,200 vable at the end of the year. Accounts totaling $11,100 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 5% of the finance charge of 4%. The fair value of the course obligation is $1,143. the receivables (If no entry is required, select "No Entry" for the account titles and enter o for the amounts, Credit account sities are is entered. Do not indent manually.) Credit for this question: Open Show Work AR A Women o search at tyne URL 5 6 7 8 g 0 T Y G . K K