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What is the journal entry for february six

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Reference no: EM132809693

Topics Covered: Receivable Financing

problem 1: On January 31, 2019, Alpha Corporation factored accounts receivables of P1,500,000 with credit terms of 1/10, n/30 immediately after shipment of the goods to the customer. The factor charges a 4% commission based on the gross amount of the receivables factored. The factor also withheld 25% of the amount factored to cover for sales returns and allowance. On February 6, 2019, the customer subsequently returned P120,000 of damaged merchandise. What is the journal entry for February 6?

Reference no: EM132809693

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