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Problem - Receivable financing - Factoring - Mug Co. factored P400,000 accounts receivable with Coffee Financing Corp. Under the arrangement, Mug was to handle disputes concerning service, and Coffee Financing was to make the collections and handle the sales discounts, Coffee charged 6% service fee and retained 2% to cover sales discounts.
Requirements -
a. Prepare the journal entries in Mug's and Coffee's respective books to record the factoring assuming the factoring was made on a non-recourse basis and, as to Mug, the transaction is only a one-time event.
b. Prepare the journal entries in Mug's books assuming the factoring was made on a recourse basis and Mug uses factoring as a regular means of financing. The recourse provision has a fair value of P7,000.
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