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Prepare general journal entry on on general factor books

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Reference no: EM132816599

Sparwood Manufacturing factored $240,000 of their accounts receivable to General Factor Corp., on a without recourse basis. The receivables are transferred to General Factor, who takes over the full responsibility of collection. General Factor charged a finance charge of 4% of the dollar value of the receivables, and withheld 5% of the receivable value.

Problem 1: Prepare the general journal entry to reflect this transaction on Sparwood's books.

Problem 2: Prepare the general journal entry to reflect this transaction on General Factor's books.

Reference no: EM132816599

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