Prepare appropriate journal entry to record this transaction

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Reference no: EM131264907

Skysong Inc. factors receivables with a carrying amount of $240,800 to Joffrey Company for $163,000 on a with recourse basis. The recourse provision has a fair value of $3,260. This transaction should be recorded as a sale. Prepare the appropriate journal entry to record this transaction on the books of Skysong Inc. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Reference no: EM131264907

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Prepare appropriate journal entry to record this transaction : Skysong Inc. factors receivables with a carrying amount of $240,800 to Joffrey Company for $163,000 on a with recourse basis. The recourse provision has a fair value of $3,260. This transaction should be recorded as a sale. Prepare the appropriate jo..

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