**THE AMOUNTS ARE NOT MISSING. THEY ARE IN THIS PARAGRAPH. THE GENERAL LEDGER IS JUST SHOWING YOU THE OPTIONS FOR JOURNAL ENTRIES**

Inder Corporation is experiencing a temporary cash shortage and decides to transfer a group of its accounts receivable to Newton Company on March 22. Inder does not normally transfer its receivables. Newton accepts $80,000 of Inders accounts receivable, remits 90% of the accounts receivable transferred, and charges a 16% commission on the gross amount of the transferred receivables. Title to the receivables is transferred to Newton, and Newton has the right to assign, pledge, or sell the receivables. During the period, sales returns and allowances on transferred accounts amounted to $1,500.

	Required:
1.	Prepare all the journal entries necessary by Inder to record the preceding information assuming the transfer was without recourse.
2.	Prepare all the journal entries necessary by Inder to record the preceding information assuming the transfer was with recourse and the recourse obligation had an estimated fair value of $4,500.
3.	Assume that Inder uses IFRS. How would your answers to Requirements 1 and 2 change?

CHART OF ACCOUNTS

Inder Corporation

General Ledger

	ASSETS
111	Cash
121	Accounts Receivable
123	Receivable from Factor
141	Inventory
152	Prepaid Insurance
181	Equipment
198	Accumulated Depreciation

	LIABILITIES
211	Accounts Payable
215	Recourse Liability
226	Return Liability
231	Salaries Payable
250	Unearned Revenue
261	Income Taxes Payable

	EQUITY
311	Common Stock
331	Retained Earnings

	REVENUE
411	Sales Revenue

	EXPENSES
500	Cost of Goods Sold
511	Insurance Expense
512	Utilities Expense
521	Salaries Expense
532	Bad Debt Expense
540	Interest Expense
541	Depreciation Expense
559	Miscellaneous Expenses
601	Loss from Sale of Receivables
910	Income Tax Expense

General Journal information