Prepare the appropriate journal entry to record transaction

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Reference no: EM132695432

Kingbird Inc. factors receivables with a carrying amount of $233,500 to Joffrey Company for $178,600 on a with recourse basis.The recourse provision has a fair value of $2,870. This transaction should be recorded as a sale.

Problem 1: Prepare the appropriate journal entry to record this transaction on the books of Kingbird Inc. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Reference no: EM132695432

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