Sun inc factors 3000000 of its accounts receivables for a

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Reference no: EM13586124

1. Sun Inc. Factors $3,000,000 of its accounts receivables for a finance charge of 5 percent.The finance company retains an amount equal to 10 percent of the accounts receivable for possible adjustment.

a. Provide the journal entries for Sun assuming that the factoring is without recourse

b. Provide the journal entries for Sun assuming that the factoring is with recourse, and the recourse liablity is estimated at 115,000 dollars

Reference no: EM13586124

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