Reference no: EM131259943
Factoring receivables is beneficial to a seller for all of the following reasons except: Allows firms to receive cash earlier. Passes ownership of the receivables to the factor. There are no fees for factoring. Seller avoids the cost of billing and accounting for receivables. May transfer the risk of bad debts to the factor.
Allows firms to receive cash earlier.
Passes ownership of the receivables to the factor.
There are no fees for factoring.
Seller avoids the cost of billing and accounting for receivables.
May transfer the risk of bad debts to the factor.
MacKenzie Company sold $180 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 4% service charge for sales on its credit cards. MacKenzie electronically remits the credit card sales receipts to the credit card company and receives payment in approximately 5 days. The journal entry to record this sale transaction would be:
Debit Cash of $180 and credit Sales $180.
Debit Cash of $180 and credit Accounts Receivable—Regional $180.
Debit Accounts Receivable—Regional $172.80; debit Credit Card Expense $7.20 and credit Sales $180.
Debit Cash $172.80; debit Credit Card Expense $7.20 and credit Sales $180.
Debit Cash $172.80 and credit Sales $172.80.
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