Exercise 7-24 (Algo) Factoring of accounts receivable without recourse [LO7-8] Mountain High Ice Cream Company transferred $63,000 of accounts receivable to the Prudential Bank. The transfer was made without recourse. Prudential remits 90% of the factored amount to Mountain High and retains 10%. When the bank collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $5,300) less a 3% fee (3% of the total factored amount). Required: Prepare the journal entry to record the transfer on the books of Mountain High assuming that the sale criteria are met. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet > 1 Record the transfer of accounts receivable. Note: Enter debits before credits. Event 1 General Journal Debit Credit

Q: Solution was marked wrong.

A: Future value refers to the concept of time, the value of money used for determining the value of…

Q: Why would it

A: Internal Control:   Internal control refers to the policies, and plans of the business organization…

Q: 6600 is not the answer

A: Child Tax Credit is $3,600 for children aged 6 and Under at end of 2021 Child Tax Credit is $3,000…

Q: Question 8

A: When net credit sales is divided with average accounts receivable it results in receivable turnover…

Q: Req C is incorrect.

A: Equivalent unit of production is multiplied by cost per equivalent unit to compute the assignment of…

Q: Explain preemptive right

A: Answer: A pre-emptive right is a benefit that can be granted to other owners in a company that gives…

Q: anuty What general internal control v

A: Given case is: All-Around Sound Co. discovered a fraud whereby one of its front office…

Q: Explanation 1031 like-kind exchange

A:

Q: True or false: IFRS is based on the same characteristics of information as AspE

A: IFRS:It stands for International Financial Reporting Standards, a set of accounting standards…

Q: nkkkk

A: We can decide upon the better choice of loan by computing the future value of both the loans. Lower…

Q: nother wrong answer

A: The Annual Percentage Rate: The annual percentage rate is the nominal rate quoted by financial…

Q: What the agi

A: AGI means Adjusted Gross Income. It is the total income on which income tax payable would be…

Q: Still do not. Understand, why type of annuitie is used?

A: The question is a follow-up question, and, the learner has reposted it to clear the confusion so…

Q: All of these say incorrect.

A: An expense that benefits more than one product and for which the contribution to each product cannot…

Q: Describe about the NOL.

A: NOL means Net Operating Loss. This is a situation when company's deductions are more than it's…

Q: part b is incorrect. Can you rework it?

A: Here,Quarter Dividend is $1.50Growth Rate is 6.25%Required Return is 9%Quarterly Required Return is…

Q: Not sure

A: Formulas: Minimum stock price = Face value / Convertible shares

Q: Why woul it not be Schedule B

A: The Internal Revenue Service requires most payments of interest income to be reported on tax form…

Q: Wrong Answer

A: The cost of purchase is $1800 on October 23. It can be done using one of the two credit cards a)…

Q: Compare the Mutually Exclusive Alternatives, based on IRR?

A: The internal rate of return (IRR) is a capital budgeting metric used to gauge the benefit of…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.