Question
Keyser Woodcrafters sells $200,000 of receivables to Commercial Factors, Inc. on a recourse basis. Commercial remits 96& of the accounts receivable and charges a 5%
Keyser Woodcrafters sells $200,000 of receivables to Commercial Factors, Inc. on a recourse basis. Commercial remits 96& of the accounts receivable and charges a 5% commission on the gross amount of the transferred receivables. Keyser estimates the fair value of the recourse obligation to be $8,000.
Prepare the Journal entry for Keyser to record the sale.
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Payroll Accounting 2017
Authors: Jeanette Landin, Paulette Schirmer
3rd edition
1259572188, 1259572180, 1259742512, 9781259742514, 978-1259572180
