Windsor Inc. factors receivables with a carrying amount of $228,700 to Joffrey Company for $175,300 on a with recourse basis. The recourse provision has a fair value of $2,290. This transaction should be recorded as a sale. Prepare the appropriate journal entry to record this transaction on the books of Windsor Inc. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
Windsor Inc. factors receivables with a carrying amount of $228,700 to Joffrey Company for $175,300 on a with recourse basis. The recourse provision has a fair value of $2,290. This transaction should be recorded as a sale. Prepare the appropriate journal entry to record this transaction on the books of Windsor Inc. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Windsor Inc. factors receivables with a carrying amount of $228,700 to Joffrey Company for $175,300 on a with recourse basis.
The recourse provision has a fair value of $2,290. This transaction should be recorded as a sale.
Prepare the appropriate journal entry to record this transaction on the books of Windsor Inc. (If no entry is required, select "No Entry" for
the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent
manually. List all debit entries before credit entries.)
Account Titles and Explanation
Debit
Credit
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