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Prepare the journal entries for sales receivable

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Presented below is information for Jones Company.

1. Beginning-of-the-year Accounts Receivable balance was $18,600.
2. Net sales (all on account) for the year were $107,400. Jones does not offer cash discounts.
3. Collections on accounts receivable during the year were $86,600.

Jones is planning to factor some accounts receivable at the end of the year. Accounts totaling $10,300 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 5% of the balances for probable adjustments and assesses a finance charge of 4%. The fair value of the recourse obligation is $1,060.

Prepare the journal entries for sales receivable

Reference no: EM13504737

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