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Prepare journal entry for Arness and Commercial Factors

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Reference no: EM132560841

Question - Please indicate whether an account is an asset (A), liability (L), or equity (E) for (1) journal entries, (2) adjusting entries, and (3) closing entries to receive full credits.

Amess Woodcrafters sells $300,000 of receivables to Commercial Factors, Inc. on a with recourse basis. Commercial assesses a ?nance charge of 6% and retains an amount equal to 3% of accounts receivable. Arness estimates the fair value of the recourse obligation to be $8,000. Prepare the journal entry for (a) Arness and (b) Commercial Factors.

Reference no: EM132560841

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