Monster trucks factored 600000 of accounts receivable to, Financial Accounting

+44 141 628 6080
[email protected]

Monster trucks factored 600000 of accounts receivable to

Monster Trucks factored $600,000 of accounts receivable to Little Cars on October 1, 2015. Control was surrendered by Monster Trucks. Little Cars accepted the receivables subject to recourse for nonpayment, assesses a fee of 3% of total accounts receivable, and retains a holdback equal to 2% of the total accounts receivable factored. The fair value of the recourse obligation is $9,000. What is the journal entry to record the sale of Monster Truck’s accounts receivable?

View Complete Question

Request for Solution File

Ask an Expert for Answer!!

Financial Accounting: Monster trucks factored 600000 of accounts receivable to

Reference No:- TGS01671188

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Asked Questions

How does the pyramid change

Staying with Nigeria, rewind the year to 1950. Using the +5 year control, fast forward in 5 year increments until you reach 2020.

Discussion about idea of the tramp stamp

Jane is doing a study about tattoos. She is interested in studying the idea of the "tramp stamp" (a tattoo in the small of a woman's back).

How the major schools of thought within sociology

Question: Discover how the major schools of thought within sociology explain social stratification.

How sociological models help understand mental illness

Based on the chapter by Allen Furr on the sociology of mental illness, How do sociological models help you understand mental illness differently

Problem regarding culturally relativistic

"Gender inequality is not some accidental, hit-or-miss affair. Rather, each society's institutions work together to maintain the group's particular form of

Discussion about cultural appropriation

This week watch the 3 short video clips below about cultural appropriation. These videos will redefine terms like cultural appropriation

Which are forms of media bias

Question: Which of the following are forms of media bias? (Select all that apply)

Request for Solution File

Ask an Expert for Answer!!

Financial Accounting: Monster trucks factored 600000 of accounts receivable to

Reference No:- TGS01671188

Have a Question? (oR Write a Review)

Recent Questions Asked Financial Accounting

Q : The reading assignment describes four types of partnerships

Q : Assume that money invested in this fund continues to earn

Q : Explain catalog the forensic evidence found in the camarena

Q : You have one non-exempt hr clerical-type employee in the

Q : Monster trucks factored 600000 of accounts receivable to

Q : Discuss the validity of each statement- if the statement is

Q : Policies are adopted either through legislative or

Q : For the module 3 slp you will again be applying the

Q : On january 1 2016 dreamworld co began construction of a new