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Bappa Apparel manufactures sportswear for many national retailers and frequently sells its receivables to factors as a means of accelerating cash collections. Bappa sold $200,000 of receivables to a factor. The receivables were sold without recourse. The factor charged 6% and held back 5% for sales adjustments. Record the sale of receivables entry for Bappa. Account Name Dr. Cr. To record the sale of receivables. # # # 0 0 0 0 0x 0 0x

Bappa Apparel manufactures sportswear for many national retailers and frequently sells its receivables to factors as a means of accelerating cash collections. Bappa sold $200,000 of receivables to a factor. The receivables were sold without recourse. The factor charged 6% and held back 5% for sales adjustments. Record the sale of receivables entry for Bappa. Account Name Dr. Cr. To record the sale of receivables. # # # 0 0 0 0 0x 0 0x

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Bappa Apparel manufactures sportswear for many national retailers and frequently sells its receivables to factors as a means of accelerating cash collections. Bappa sold $200,000 of receivables to a factor. The receivables were sold without recourse. The factor charged 6% and held back 5% for sales adjustments. Record the sale of receivables entry for Bappa. Account Name Dr. Cr. To record the sale of receivables. # # # # 0 0 0 0 0x 0x 0x 0x
Transcribed Image Text:Bappa Apparel manufactures sportswear for many national retailers and frequently sells its receivables to factors as a means of accelerating cash collections. Bappa sold $200,000 of receivables to a factor. The receivables were sold without recourse. The factor charged 6% and held back 5% for sales adjustments. Record the sale of receivables entry for Bappa. Account Name Dr. Cr. To record the sale of receivables. # # # # 0 0 0 0 0x 0x 0x 0x
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