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Prepare necessary journal entries for petite company

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Reference no: EM132829175

Petite Company sold accounts receivable without recourse with face amount of P6,000,000. The factor charged 15% commission on all accounts receivable factored and withheld 10% of the accounts receivable factored as protection against customer returns and other adjustments.

  • The entity previously established an allowance for doubtful accounts of P200,000 for these accounts . By year-end, the entity had collected the factor's holdback there being no customer returns and other adjustments.

Required:

Question 1: Prepare necessary journal entries.

Reference no: EM132829175

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