Recording the Sale of Accounts Receivable Without Recourse On April 1, 2020, DOS Company sold $76,000 accounts receivable to PS2 Finance Company to obtain immediate cash. The related allowance for doubtful accounts was $3,040. The financial agreement specified a price of $60,800 on a without-recourse basis. Prepare the journal entry for DOS Company to sell the accounts receivable. 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 Answer Answer 76,000
Recording the Sale of Accounts Receivable Without Recourse On April 1, 2020, DOS Company sold $76,000 accounts receivable to PS2 Finance Company to obtain immediate cash. The related allowance for doubtful accounts was $3,040. The financial agreement specified a price of $60,800 on a without-recourse basis. Prepare the journal entry for DOS Company to sell the accounts receivable. 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 Answer Answer 76,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Recording the Sale of
On April 1, 2020, DOS Company sold $76,000 accounts receivable to PS2 Finance Company to obtain immediate cash. The related allowance for doubtful accounts was $3,040. The financial agreement specified a price of $60,800 on a without-recourse basis.
Prepare the
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 |
| Answer |
| Answer | 76,000 |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education