The company purchased the best plan of all. 15 The company factors $200,000 of receivables with Chase on a with recourse basis, Chase charges 3% finance fee of receivables and retains 9% of receivable for adjustments. The company calculates that this recourse liability (bad debts) has a fair value of $18,000. 17 The company shipped goods costing $10,000 to Brooklyn Electronics on consignment. The sales agreement states that Brooklyn Electronics has 10 days to either sell the goods and pay our company $14,000 for them or to return the goods to our company. 20 Paid shareholders the cash dividend of $10,000 declared on March 6. 22 The company collected $20,000 cash in advance from Queens Electronics for Merchandise to be delivered next week; the cost of the merchandise is $ 12,000. 28 Brooklyn Electronics did not return the merchandise on consignment. 29 Shipped and delivered the Merchandise to Queens Electronics. 31 Recorded depreciation expense of $2,000 for the month on the furniture, equipment & van. 31 Recorded the amount of prepaid insurance that expired for the month.