Q4 please Question 4Bohannon SA factors $ 250,000 of accounts receivable with Winkler Financing,without recourse basis. Winkler Financing will collect the receivables. The receivablesrecords are transferred to Winkler financing on August 15, 2019. Winkler Financingassesses a finance charge of 2% of the amount of accounts receivable and alsoreserves an amount equal to 4% of accounts receivable to cover probableadjustments.Instructionsa. What conditions must be met for a transfer/factor of receivables to be accountedfor as a sale?b. Assume the conditions from part (a) are met. Prepare the journal entry on August15, 2019, for Bohannon to record the sale of receivables.

Journal entry is the process of recording the business transactions in the accounting books for the…

Answered: Question 4 Bohannon SA factors $…

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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