Business, 16.03.2020 18:28, babygurl27732

Flint Incorporated factored $134,700 of accounts receivable with Buffalo Factors Inc. on a without-recourse basis. Buffalo assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable for possible adjustments. Prepare the journal entry for Flint Incorporated and Buffalo Factors to record the factoring of the accounts receivable to Buffalo

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Flint Incorporated factored $134,700 of accounts receivable with Buffalo Factors Inc. on a without-r...