Solved: Arness woodcrafters sells 203200 of receivables to, Accounting Basics

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Arness woodcrafters sells 203200 of receivables to

Question - Arness Woodcrafters sells $203,200 of receivables to Commercial Factors, Inc. on a with recourse basis. Commercial assesses a finance charge of 6% and retains an amount equal to 5% of accounts receivable. Arness estimates the fair value of the recourse liability to be $8,460.

Prepare the journal entry for Arness to record the sale.

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Accounting Basics: Arness woodcrafters sells 203200 of receivables to

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Accounting Basics: Arness woodcrafters sells 203200 of receivables to

Reference No:- TGS02854319

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