What journal entry will be made by wazowski

Reference no: EM131797597

Question: Wazowski Enterprises sells $55,000 of its customer receivables to Randall Corp without recourse. Randall charges a 6% factoring fee for this service.

Required: a. What journal entry will be made by Wazowski to record the transaction?

b. What would be the journal entry made by Wazowski if this sale was with a recourse obligation of $5,000?

c. Now, ignoring the previous part (2B), suppose this sale has a return provision. Randall will retain 4% to account for the possibility of sales returns. Record the journal entry that Wazowski would make.

Reference no: EM131797597

Questions Cloud

Journalize merchandising transactions for chilton systems : Following are the merchandising transactions. Journalize the above merchandising transactions for Chilton Systems assuming it uses a perpetual inventory system.

By how much did the firm net income exceed : Watson Oil recently reported (in millions) $8,250 of sales, $5,750 of operating costs other than depreciation, and $1,500 of depreciation.

What is the length of the cash cycle : Wislon, Inc. has inventory turnover rate of 15, accounts payable period of 54 days and an accounts receivable period of 37 days. What is length of cash cycle

Discuss whether do an a-type or a c-type reorganization : the Acquiring Corporation and the Target's stockholders should consider which of the following

What journal entry will be made by wazowski : Wazowski Enterprises sells $55,000 of its customer receivables to Randall Corp without recourse. Randall charges a 6% factoring fee for this service.

What is your cash balance at the end of the quarter : You also pay an interest payment of $30 and a tax bill of $180. In addition, you borrow $75. What is your cash balance at the end of the quarter

Types of crimes are reported as follows : Are "featured" crimes more likely to be cleared by arrest than other violent crimes? Results from random samples of both types of crimes are reported as follows

Which depreciation method would produce the higher npv : Which depreciation method would produce the higher NPV? How much higher would it be? Round your answer to the nearest dollar.

Prepare a partial multiple-step income statement : Record and post inventory transactions-perpetual system. Prepare a partial multiple-step income statement, up to gross profit, for the month of September 2017.

User Account

All Pages