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    Generous Company Requirement: Prepare Journal Entries Debit Credit

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    Anonn
    A company factored $800,000 of accounts receivable for $680,000 in cash and $80,000 receivable from the factor. The company later had $20,000 in sales returns and allowances, which reduced the amount owed to the factor to $60,000.

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    Generous Company Requirement: Prepare Journal Entries Debit Credit

    Uploaded by

    Anonn
    3K views1 page
    A company factored $800,000 of accounts receivable for $680,000 in cash and $80,000 receivable from the factor. The company later had $20,000 in sales returns and allowances, which reduced the amount owed to the factor to $60,000.

    Original Description:

    Intermediate Accounting1

    Original Title

    8-9

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    A company factored $800,000 of accounts receivable for $680,000 in cash and $80,000 receivable from the factor. The company later had $20,000 in sales returns and allowances, which reduced the amount owed to the factor to $60,000.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    3K views1 page

    Generous Company Requirement: Prepare Journal Entries Debit Credit

    Uploaded by

    Anonn
    A company factored $800,000 of accounts receivable for $680,000 in cash and $80,000 receivable from the factor. The company later had $20,000 in sales returns and allowances, which reduced the amount owed to the factor to $60,000.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 1

    Generous Company

    Requirement: Prepare journal entries Debit Credit

    Jul-01 Cash 680,000


    Service charge (5%*800,000) 40,000
    Receivable from factor (10%*800,000) 80,000
    Accounts receivable 800,000

    15 Sales return and allowances 20,000


    Receivable from factor 20,000

    Cash (80,000-20,000) 60,000


    Receivable from factor 60,000

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