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Question 13 --/1 View Policies Current Attempt in Progress Flint Incorporated factored $156,000 of accounts receivable with Buffalo Factors Inc. on a without-recourse basis. Buffalo
Question 13 --/1 View Policies Current Attempt in Progress Flint Incorporated factored $156,000 of accounts receivable with Buffalo Factors Inc. on a without-recourse basis. Buffalo 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 Flint Incorporated and Buffalo Factors to record the factoring of the accounts receivable to Buffalo. (if no entry is required, select "No Entry" for the account titles and enter O 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 Flint 1. Buffalo
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