Abc company factors receivables with a carrying value of, Financial Accounting

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Abc company factors receivables with a carrying value of

ABC Company factors receivables with a carrying value of $200,000 to finance company for cash of 160,000. The transaction is a "with recourse" basis. The recourse provision has a fair value of 1000. Record the 200,000 balance in receivable account and label it balance.

Prepare the entry to recognize the sale of the receivable

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Financial Accounting: Abc company factors receivables with a carrying value of

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Financial Accounting: Abc company factors receivables with a carrying value of

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