Cheyenne Enterprises sold $767,000 of accounts receivable to Oriole Factors, Inc. on a without recourse basis under IFRS, as the risks and rewards have been transferred to Oriole. The transaction meets the criteria for a sale, and no asset or liability components of the receivables are retained by Cheyenne. Oriole Factors assesses a finance charge of 3% of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable. Prepare journal entries for both Cheyenne and Oriole. Use the account Due to Customer for Oriole. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Cheyenne Debit Credit SUPPORT Activate Windows Go to Settings to activate Windows.

Cheyenne Enterprises sold $767,000 of accounts receivable to Oriole Factors, Inc. on a without recourse basis under IFRS, as the risks and rewards have been transferred to Oriole. The transaction meets the criteria for a sale, and no asset or liability components of the receivables are retained by Cheyenne. Oriole Factors assesses a finance charge of 3% of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable. Prepare journal entries for both Cheyenne and Oriole. Use the account Due to Customer for Oriole. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Cheyenne Debit Credit SUPPORT Activate Windows Go to Settings to activate Windows.

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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