Business, 10.03.2020 04:33, tenoi14

Sage Hill plans to factor accounts receivable totaling $60,000 at the end of the year. Sage Hill will transfer the accounts to Herzog Factors, Inc. with recourse. Herzog Factors will retain 3% of the balances for probable adjustments and assesses a finance charge of 5%. The fair value of the recourse obligation is $2,500. Prepare the journal entry to record the sale of the receivables.

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Sage Hill plans to factor accounts receivable totaling $60,000 at the end of the year. Sage Hill wil...