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Question - Presented below is information for Marin Company.
1. Beginning-of-the-year Accounts Receivable balance was $17,200.2.Net sales (all on account) for the year were $107,600. Marin does not offer cash discounts.3.Collections on accounts receivable during the year were $89,500.
Marin is planning to factor some accounts receivable at the end of the year. Accounts totaling $13,900 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 6% of the balances for probable adjustments and assesses a finance charge of 5%. The fair value of the recourse obligation is $1,038.
Required -
A. Prepare the journal entry to record the sale of the receivables.
B. Compute Marin's accounts receivable turnover for the year, assuming the receivables are sold.
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