Business, 04.11.2021 21:10, arnold2619
Tilly Corp. factored accounts receivable that had a book value of $100,000 to Second Bank. The transfer was made with recourse. Second Bank charged a 5% factoring fee and retained $3,000 to provide a reserve against potential sales returns and allowances. Tilly estimates the amount of accounts receivable that will be uncollectible is $2,000. The journal entry Tilly will make to record the factoring arrangement will include a:
a. credit to receivable from factor for $5,000.
b. debit to loss on sale of receivables for $10,000.
c. credit to recourse liability for $2,000.
d. credit to accounts receivable for $92,000.
Answers: 3
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Tilly Corp. factored accounts receivable that had a book value of $100,000 to Second Bank. The trans...
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