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Exon Company sold accounts receivable of $28,000 (with an allowance for doubtful accounts of $840) for $25,200 cash, with recourse. Estimated obligations due to the with-recourse provision amounted to $1,960. Record the sale of receivables entry for Exon Company

Exon Company sold accounts receivable of $28,000 (with an allowance for doubtful accounts of $840) for $25,200 cash, with recourse. Estimated obligations due to the with-recourse provision amounted to $1,960. Record the sale of receivables entry for Exon Company

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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Exon Company sold accounts receivable of $28,000 (with an allowance for doubtful accounts of $840) for $25,200 cash, with recourse. Estimated obligations due to the with-recourse provision amounted to $1,960. Record the sale of receivables entry for Exon Company.
 

Note: If a line in the journal entry isn't required for the transaction, select "N/A" as the account name and leave the Dr. and Cr. answers blank (zero).

Account Name Dr. Cr.
Cash Answer Answer
Allowance for Doubtful Accounts Answer Answer
answer Answer Answer
answer Answer Answer
Accounts Receivable Answer Answer
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