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Prepare journal entries to record the transactions

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Reference no: EM132853856

Problem - A factor has agreed to purchase selected accounts receivable from Epic Company. The factor charged 5% commission and 20% holdback. The following accounts are sold on July 26:

Invoice date

Customer

Amount

July 23

A

300,000

July 25

B

500,000

July 24

C

200,000

On July 28, customer B was granted a credit of P50,000 for returned merchandise. Final settlement is made with the factor on August 31.

Required - Prepare journal entries to record the transactions on the books of Epic Company.

Reference no: EM132853856

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