White Corporation has entered into an agreement to transfer accounts receivable to Murphy Company. Under the terms of this agreement. Write receives 80% of the value of all me transferred accounts receivable (to reflect credit risk and is charged a 1% service charge, which is based upon the dollar amount of transferred receivables. Interest is charged at an annual interest rate of 12% of any outstanding loon bwance The transferred receivables will continue to be collected by White with any cash flows being remitted to Murphy at the end of each month White is not allowed to tromater the receivables to anyone else White normally transfer is accounts receivable. The following selected 2019 treaction relate to this woreement: Dec 1 11 Accounts receivable of $200,000 are transferred Asalis rotum of $1.000 on a transferred account is made Collections are made on $81,000 of the transferred accounts receivable plus interest for the month of December. This amount is remtted to Murphy 31 Required: 1. Assume that White uses US GAAP A Peperties on We books to record the preceding transactions B. How would us agreement be reported on whites December 31, 2019. balance sheet assume the note payable is short-term 2 Assume that White uses IFRS I A Prepare your entries on White books to record the preceding transactions B. How would be agreement be reported on whites December 31, 2019 balance shoot assume the note payable is short-term)? Assuming Wiwite uses US GAAP prepare ournal entries on Wiwite's books to record the transactions AN transactions on this page must be entered (except for post ref(s) before you will receive Check My Work feedback PAGE GENERAL JOURNAL Score: 29/150 ACCOUNT TITLE POST BEF DEBIT CRECIT DATE Dec. 1 Cash 1 174,000.00 Loss from Sale of Receivables 2.000.00 24,000.00 Receivable from Factor Accounts Receivable 200.000.00 20 11 returns and allowances or from cele necounts Assuming White uses IFRS prepare journal entries on White's books to record the transactions Question not attempted MOE GENERAL JOURNAL Score: 0/125 DATE ACCOUNT TITLE POSTARE DEBIT CREDIT Asume White uses US GAAP How would this agreement be reported on while's December 31, 2019. balance shoot? Which partie balance sheet reports White's transactions under US GAAP. AL... CAL... White Corporation Paw Balance sheet Deciber 31, 2010 AL... AL... Current AS Accor Bresson Current on $111.000.00 AL. ALI Nos Patte 579.000 TA... LA... TA. White Corporation Partial Estance Sheet December 31, 2015 Corrente Receivable to Factor 539.000.00 Assume that White uses IFRS. How would this agreement be reported on White's December 31, 2019, balance sheet? Which partial balance sheet reports White's transactions under IFRS? White Corporation Partial Balance Sheet December 31, 2019 1 Current Assets: $118,000.00 2 Accounts Receivable Assigned 3 Current Liabilities: 4 Notes Payable $79,000.00 White Corporation Partial Balance Sheet December 31, 2019 1 Current Assets 2 Receivable from Factor $39,000.00 eBook . Instructions White Corporation has entered into an agreement to transfer accounts receivable to Murphy Company. Under the terms of this agreement, White receives 80% of the value of all the transferred accounts receivable (to reflect credit risk) and is charged a 1% service charge, which is based upon the dollar amount of transferred receivables. Interest is charged at an annual interest rate of 12% of any outstanding loan balance. The transferred receivables will continue to be collected by White with any cash flows being remitted to Murphy at the end of each month. White is not allowed to transfer the receivables to anyone else. White normally transfers its accounts receivable. The following selected 2019 transactions relate to this agreement Dec 1 11 Accounts receivable of $200,000 are transferred A sales return of $1,000 on a transferred account is made Collections are made on $81,000 of the transferred accounts receivable plus interest for the month of December. This amount is remitted to Murphy 31 Required: 1. Assume that White uses US GAAP A. Prepare journal entries on White's books to record the preceding transactions B. How would this agreement be reported on White's December 31, 2019, balance sheet (assume the note payable is short-term)? 2. Assume that White uses IFRS. A. Prepare journal entries on White's books to record the preceding transactions B. How would this agreement be reported on White's December 31, 2019, balance sheet (assume the note payable is short-term)? White Corporation has entered into an agreement to transfer accounts receivable to Murphy Company. Under the terms of this agreement. Write receives 80% of the value of all me transferred accounts receivable (to reflect credit risk and is charged a 1% service charge, which is based upon the dollar amount of transferred receivables. Interest is charged at an annual interest rate of 12% of any outstanding loon bwance The transferred receivables will continue to be collected by White with any cash flows being remitted to Murphy at the end of each month White is not allowed to tromater the receivables to anyone else White normally transfer is accounts receivable. The following selected 2019 treaction relate to this woreement: Dec 1 11 Accounts receivable of $200,000 are transferred Asalis rotum of $1.000 on a transferred account is made Collections are made on $81,000 of the transferred accounts receivable plus interest for the month of December. This amount is remtted to Murphy 31 Required: 1. Assume that White uses US GAAP A Peperties on We books to record the preceding transactions B. How would us agreement be reported on whites December 31, 2019. balance sheet assume the note payable is short-term 2 Assume that White uses IFRS I A Prepare your entries on White books to record the preceding transactions B. How would be agreement be reported on whites December 31, 2019 balance shoot assume the note payable is short-term)? Assuming Wiwite uses US GAAP prepare ournal entries on Wiwite's books to record the transactions AN transactions on this page must be entered (except for post ref(s) before you will receive Check My Work feedback PAGE GENERAL JOURNAL Score: 29/150 ACCOUNT TITLE POST BEF DEBIT CRECIT DATE Dec. 1 Cash 1 174,000.00 Loss from Sale of Receivables 2.000.00 24,000.00 Receivable from Factor Accounts Receivable 200.000.00 20 11 returns and allowances or from cele necounts Assuming White uses IFRS prepare journal entries on White's books to record the transactions Question not attempted MOE GENERAL JOURNAL Score: 0/125 DATE ACCOUNT TITLE POSTARE DEBIT CREDIT Asume White uses US GAAP How would this agreement be reported on while's December 31, 2019. balance shoot? Which partie balance sheet reports White's transactions under US GAAP. AL... CAL... White Corporation Paw Balance sheet Deciber 31, 2010 AL... AL... Current AS Accor Bresson Current on $111.000.00 AL. ALI Nos Patte 579.000 TA... LA... TA. White Corporation Partial Estance Sheet December 31, 2015 Corrente Receivable to Factor 539.000.00 Assume that White uses IFRS. How would this agreement be reported on White's December 31, 2019, balance sheet? Which partial balance sheet reports White's transactions under IFRS? White Corporation Partial Balance Sheet December 31, 2019 1 Current Assets: $118,000.00 2 Accounts Receivable Assigned 3 Current Liabilities: 4 Notes Payable $79,000.00 White Corporation Partial Balance Sheet December 31, 2019 1 Current Assets 2 Receivable from Factor $39,000.00 eBook . Instructions White Corporation has entered into an agreement to transfer accounts receivable to Murphy Company. Under the terms of this agreement, White receives 80% of the value of all the transferred accounts receivable (to reflect credit risk) and is charged a 1% service charge, which is based upon the dollar amount of transferred receivables. Interest is charged at an annual interest rate of 12% of any outstanding loan balance. The transferred receivables will continue to be collected by White with any cash flows being remitted to Murphy at the end of each month. White is not allowed to transfer the receivables to anyone else. White normally transfers its accounts receivable. The following selected 2019 transactions relate to this agreement Dec 1 11 Accounts receivable of $200,000 are transferred A sales return of $1,000 on a transferred account is made Collections are made on $81,000 of the transferred accounts receivable plus interest for the month of December. This amount is remitted to Murphy 31 Required: 1. Assume that White uses US GAAP A. Prepare journal entries on White's books to record the preceding transactions B. How would this agreement be reported on White's December 31, 2019, balance sheet (assume the note payable is short-term)? 2. Assume that White uses IFRS. A. Prepare journal entries on White's books to record the preceding transactions B. How would this agreement be reported on White's December 31, 2019, balance sheet (assume the note payable is short-term)