Presented below is information for blossom company. 1. beginning of the year accounts receivable balanced was 18500 2. net sales (all on accounts) for the year were 110,700. blossom does not offer cash discounts. 3. collections on accounts receivable during the year were 84500 Blossom is planning to factor some accounts receivable at the year. accounts totaling 13700 will be transferred to credit factors, inc with recourse. credit factors will retain 5% of the balaces for probable adjustments and assesses a finance charge of 4%. the fair value of the reocurse obligation is 1049 Prepare the journal entry to record the sale of the receivables compute blossom's accounts receivable turnover for the year assuming the receivables are sold

Presented below is information for blossom company. 1. beginning of the year accounts receivable balanced was 18500 2. net sales (all on accounts) for the year were 110,700. blossom does not offer cash discounts. 3. collections on accounts receivable during the year were 84500 Blossom is planning to factor some accounts receivable at the year. accounts totaling 13700 will be transferred to credit factors, inc with recourse. credit factors will retain 5% of the balaces for probable adjustments and assesses a finance charge of 4%. the fair value of the reocurse obligation is 1049 Prepare the journal entry to record the sale of the receivables compute blossom's accounts receivable turnover for the year assuming the receivables are sold

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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P10.5
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