E8-7 On March 3, Plume Appliances sells $710,000 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 4% of the amount of receivables sold. Pr re Instructions Prepare the entry on Plume Appliances' books to record the sale of the receivables. d the

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 14RE: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank....
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E8-7 On March 3, Plume Appliances sells $710,000 of its receivables to Western Factors
Inc. Western Factors Inc. assesses a service charge of 4% of the amount of receivables sold.
Pr
re
Instructions
Prepare the entry on Plume Appliances' books to record the sale of the receivables.
d
the
Transcribed Image Text:E8-7 On March 3, Plume Appliances sells $710,000 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 4% of the amount of receivables sold. Pr re Instructions Prepare the entry on Plume Appliances' books to record the sale of the receivables. d the
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