Question 8 (8 points) Sale of Receivables Kerl Manufacturing factored $175,000 of their accounts receivable to General Factor Corp on a without recourse basis. The receivables are transferred to General Factor, who likes over the full responsibility of collection General Factor charged a finance charge of of the dollar value of the receivables, and withheld 3% of the receivable value Required: Prepare the journal entry to reflect this transaction on Kerl's books. (4 marks) b) Prepare the journal entry to reflect this transaction on General Factor's books. (4 marks) 6% Question 8 (8 points) Sale of Receivables Karl Manufacturing factored $175,000 of their accounts receivable to General Factor Corp on a without recourse bases. The receivables are transferred to General Factor who takes over the full responsibility of collection General Factor charged a finance charge of 0% of the dollar value of the receivables, and withheld 3% of the receivable value Required: a) b) Prepare the journal entry to reflect this transaction on Kerl's books. (4 marks) Prepare the journal entry to reflect this transaction on General Factor's books. (4 marks) Paragraph B Question 8 (8 points) Sale of Receivables Kort Manufacturing factored $175,000 of their accounts receivable to General Factor Corp on a without recourse basis. The receivables are transferred to General Factor, who takes over the full responsibility of collection General Factor charged a finance charge of 6% of the dollar value of the receivables, and withheld 3% of the receivable value Required a) Prepare the journal entry to reflect this transaction on Kert's books. (4 marks) b) Prepare the journal entry to reflect this transaction on General Factor's books. (4 marks) Alle Haw Corps book are of the account shows anted an of before reconciliabon The followig data was also be for the month of June 1 The balance perbankannt une 30 570,000 The bank statement does not include a deposit of 55,680 made on the test day of the month The bank statement shows a collection of not recevable try the bank of 51 500 customer's cheque for $4440 wisted because it was NSE Cheques outstanding on ne 30 totalled 51.440 A customer's chop for was recorded on the books $530 In June the bankluderada $1,000 Betterway Cap chequest the Beckwity Corp account Thore wore bank service changes for June of $20 1 Required Prepare a bank reconciliation dated June 30, proceeding to a correct balance (11 mark) Prepare any entries that are needed to make the books correct and complete (4 marks) b) 15 Mars Question 590,000 Allure Browy Com's book of the cash account shows ant banco before reconcilio The low was able for the month of June 1 2 3 4 579 000 The bank statement does not include a deposito 55 660 made on the last day of the month The bank statement shows a collection of a note recente by the bank of $1,500 and customer's cheque for 40 was returned because it was NSE Cheques outstanding on 30 totale $1.440 A customer's cheque for was recorded on the books $530 In June the bank had chaped a 51 000 Hetterway Corp cheque against the Breakaway Corp account There were basice charges for one of $20 7 Required: Prepare a bank reconciliation dated June 30, proceeding to a correct balance (11 mark) Prepare any entries that are needed to make the books correct and complete (4 marks) b) Question 8 (8 points) Sale of Receivables Kerl Manufacturing factored $175,000 of their accounts receivable to General Factor Corp on a without recourse basis. The receivables are transferred to General Factor, who likes over the full responsibility of collection General Factor charged a finance charge of of the dollar value of the receivables, and withheld 3% of the receivable value Required: Prepare the journal entry to reflect this transaction on Kerl's books. (4 marks) b) Prepare the journal entry to reflect this transaction on General Factor's books. (4 marks) 6% Question 8 (8 points) Sale of Receivables Karl Manufacturing factored $175,000 of their accounts receivable to General Factor Corp on a without recourse bases. The receivables are transferred to General Factor who takes over the full responsibility of collection General Factor charged a finance charge of 0% of the dollar value of the receivables, and withheld 3% of the receivable value Required: a) b) Prepare the journal entry to reflect this transaction on Kerl's books. (4 marks) Prepare the journal entry to reflect this transaction on General Factor's books. (4 marks) Paragraph B Question 8 (8 points) Sale of Receivables Kort Manufacturing factored $175,000 of their accounts receivable to General Factor Corp on a without recourse basis. The receivables are transferred to General Factor, who takes over the full responsibility of collection General Factor charged a finance charge of 6% of the dollar value of the receivables, and withheld 3% of the receivable value Required a) Prepare the journal entry to reflect this transaction on Kert's books. (4 marks) b) Prepare the journal entry to reflect this transaction on General Factor's books. (4 marks) Alle Haw Corps book are of the account shows anted an of before reconciliabon The followig data was also be for the month of June 1 The balance perbankannt une 30 570,000 The bank statement does not include a deposit of 55,680 made on the test day of the month The bank statement shows a collection of not recevable try the bank of 51 500 customer's cheque for $4440 wisted because it was NSE Cheques outstanding on ne 30 totalled 51.440 A customer's chop for was recorded on the books $530 In June the bankluderada $1,000 Betterway Cap chequest the Beckwity Corp account Thore wore bank service changes for June of $20 1 Required Prepare a bank reconciliation dated June 30, proceeding to a correct balance (11 mark) Prepare any entries that are needed to make the books correct and complete (4 marks) b) 15 Mars Question 590,000 Allure Browy Com's book of the cash account shows ant banco before reconcilio The low was able for the month of June 1 2 3 4 579 000 The bank statement does not include a deposito 55 660 made on the last day of the month The bank statement shows a collection of a note recente by the bank of $1,500 and customer's cheque for 40 was returned because it was NSE Cheques outstanding on 30 totale $1.440 A customer's cheque for was recorded on the books $530 In June the bank had chaped a 51 000 Hetterway Corp cheque against the Breakaway Corp account There were basice charges for one of $20 7 Required: Prepare a bank reconciliation dated June 30, proceeding to a correct balance (11 mark) Prepare any entries that are needed to make the books correct and complete (4 marks) b)