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Gringo Corporation factors $175,000 of accounts receivable with Winkler Financing, Inc. on a with recourse basis. Winkler Financing will collect the receivable. The receivables records are transferred to Winkler Financing on August 15,20X0. Winkler Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustment.
a) What conditions must be met for a transfer of receivables with recourse to be accounted for as a sales?
b) Assume the conditions from part (a) are met. Prepare the Journal entry on August 15,20X0, for Gringo to record the sale of receivable, assuming the recourse obligation has a fair value of $2,000.
Furthermore, a small handful of your client's customers are experiencing financial difficulties because of slowing demand for your client's products.
Hults Corporation has provided data regarding the company's Manufacturing Overhead account for month of November.
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The total of the individual customer account balances should equal the balance in accounts receivable, which is the
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