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Make journal entries for both flint and tamarisk

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Reference no: EM132720019

Flint Corporation sold $734,000 of accounts receivable to Tamarisk, Inc. on a without recourse basis under IFRS, as the risks and rewards have been transferred to Tamarisk. The transaction meets the criteria for a sale, and no asset or liability components of the receivables are retained by Flint. Tamarisk assesses a finance charge of 4% of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable.

Problem 1: Prepare journal entries for both Flint and Tamarisk

Reference no: EM132720019

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