Welcome to Westonci.ca, the place where your questions find answers from a community of knowledgeable experts. Our platform provides a seamless experience for finding precise answers from a network of experienced professionals. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.
Sagot :
Answer:
Sheridan Incorporated journal entry
Dr Cash 123,096
Dr Loss on sale receivables 2,676
Dr Due from factor 8,028
Cr Account receivable $133,800
Skysong Factors journal entry
Dr Account receivable 133,800
Cr Due to customer 8,028
Cr Interest revenue 2,676
Cr Cash 123,096
Explanation:
Preparation of the journal entry for Sheridan Incorporated and Skysong Factors to record the factoring of the accounts receivable to Skysong
Sheridan Incorporated journal entry
Dr Cash 123,096
(133,800-2,676-8,028)
Dr Loss on sale receivables 2,676
(2%*$133,800)
Dr Due from factor 8,028
(6%*$133,800)
Cr Account receivable $133,800
Skysong Factors journal entry
Dr Account receivable 133,800
Cr Due to customer 8,028
(6%*$133,800)
Cr Interest revenue 2,676
(2%*$133,800)
Cr Cash 123,096
(133,800-2,676-8,028)
We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Westonci.ca is committed to providing accurate answers. Come back soon for more trustworthy information.