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the following information is related to Laserwords Company: a. accounts receivable of 60,000 (gross) are factored with bdo credit without guarantee at a financing charge
the following information is related to Laserwords Company: a. accounts receivable of 60,000 (gross) are factored with bdo credit without guarantee at a financing charge of 9%. cash is received for the proceeds; collections are handled by the finance company b. specific accounts receivable of 45,000 (gross) are pledged to adoro credit. as security for a loan of 30,000 at a finance charge of 6% of the amount of the loan. the finance company will make the collections. instruction: prepare all necessary entries in general journal form for Laserwords Company
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