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What is journal entry on january 15 for hightime to record

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Hightime Corporation factors $275,000 of accounts receivable (on a with recourse) with Master Financing. Master Financing will do the collection of the receivables and assesses a finance charge of 2% of the amount of accounts receivable.

The receivables records are transferred to Master Financing on January 15, 2019. Master Financing also reserves an amount equal to 4% (in addition to the finance charge) of accounts receivable to cover probable adjustments.

If the conditions are all met, what is the journal entry on January 15, 2019, for Hightime to record the sale of the accounts receivables?

Reference no: EM132405224

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