Business, 27.11.2019 19:31 swordsman

Windsor corp. factors $392,000 of accounts receivable with sheridan finance corporation on a without recourse basis on july 1, 2020. the receivables records are transferred to sheridan finance, which will receive the collections. sheridan finance assesses a finance charge of 1.90% of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable to cover sales discounts, returns, and allowances. the transaction is to be recorded as a sale. prepare the journal entry on july 1, 2020, for windsor corp. to record the sale of receivables without recourse.

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Windsor corp. factors $392,000 of accounts receivable with sheridan finance corporation on a without...

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