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Prepare the journal entry for Concord Incorporated

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Reference no: EM133020496

Question - Concord Incorporated factored $133,800 of accounts receivable with Marigold Factors Inc. on a without-recourse basis. Marigold assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable for possible adjustments.

Prepare the journal entry for Concord Incorporated and Marigold Factors to record the factoring of the accounts receivable to Marigold.

Reference no: EM133020496

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