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Prepare the journal entry on July for Lute Retail Ltd

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Question - Lute Retail Ltd. follows ASPE. It transfers $355,000 of its accounts receivable to an independent trust in a securitization transaction on July 11, 2020, receiving 96% of the receivables balance as proceeds. Lute will continue to manage the customer accounts, including their collection. Lute estimates this obligation has a liability value of $12,500. In addition, the agreement includes a recourse provision with an estimated value of $9,900. The transaction is to be recorded as a sale. Prepare the journal entry on July 11, 2020, for Lute Retail Ltd. to record the securitization of the receivables.

Reference no: EM132819685

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