Journal entry for arness to record sale

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Reference no: EM13142236

Arness Woodcrafters sell $250,000 of receivables to commercial factors on a wth recourse basis . commercial asses a financial charge of 5%and retains an amount equal to 4% of accounts receivablex. arness estimates the fair value of the recourse obligation to be $8,000. prepare the journal entry for arness to record the sale

Reference no: EM13142236

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Journal entry for arness to record sale : Arness Woodcrafters sell $250,000 of receivables to commercial factors on a wth recourse basis . commercial asses a financial charge of 5%and retains an amount equal to 4% of accounts receivablex. arness estimates the fair value of the recourse ob..

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