The Journal entry to record factoring arrangement with recourse. Given information: Accounts receivable sold to factor is $100,000. Factoring fee is 6% of accounts receivables. Hold back amount is $9,000 Recourse obligation is $3,000.

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Answer 1

Question

Chapter 9, Problem 9.15E

To determine

The Journal entry to record factoring arrangement with recourse.

Given information:

Accounts receivable sold to factor is $100,000.

Factoring fee is 6% of accounts receivables.

Hold back amount is $9,000

Recourse obligation is $3,000.

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Answer 2

Question

Chapter 9, Problem 9.15E

To determine

The Journal entry to record factoring arrangement with recourse.

Given information:

Accounts receivable sold to factor is $100,000.

Factoring fee is 6% of accounts receivables.

Hold back amount is $9,000

Recourse obligation is $3,000.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 9, Problem 9.15E

To determine

The Journal entry to record factoring arrangement with recourse.

Given information:

Accounts receivable sold to factor is $100,000.

Factoring fee is 6% of accounts receivables.

Hold back amount is $9,000

Recourse obligation is $3,000.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 9, Problem 9.15E

To determine

The Journal entry to record factoring arrangement with recourse.

Given information:

Accounts receivable sold to factor is $100,000.

Factoring fee is 6% of accounts receivables.

Hold back amount is $9,000

Recourse obligation is $3,000.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 9, Problem 9.15E

To determine

The Journal entry to record factoring arrangement with recourse.

Given information:

Accounts receivable sold to factor is $100,000.

Factoring fee is 6% of accounts receivables.

Hold back amount is $9,000

Recourse obligation is $3,000.

Answer 6

Chapter 9, Problem 9.15E

To determine

The Journal entry to record factoring arrangement with recourse.

Given information:

Accounts receivable sold to factor is $100,000.

Factoring fee is 6% of accounts receivables.

Hold back amount is $9,000

Recourse obligation is $3,000.

Answer 7

Chapter 9, Problem 9.15E

To determine

The Journal entry to record factoring arrangement with recourse.

Given information:

Accounts receivable sold to factor is $100,000.

Factoring fee is 6% of accounts receivables.

Hold back amount is $9,000

Recourse obligation is $3,000.

Answer 8

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Answer 9

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Answer 10

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Answer 11

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The Journal entry to record factoring arrangement with recourse. Given information: Accounts receivable sold to factor is $100,000. Factoring fee is 6% of accounts receivables. Hold back amount is $9,000 Recourse obligation is $3,000.

Solution Summary: The author explains the journal entry to record factoring arrangement with recourse. The journal entries record the transactions of an organization in a chronological order.

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The Journal entry to record factoring arrangement with recourse.

Given information:

Accounts receivable sold to factor is $100,000.

Factoring fee is 6% of accounts receivables.

Hold back amount is $9,000

Recourse obligation is $3,000.

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Chapter 9 Solutions