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Prepare the journal entry for wildhorse to record the sale

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Question - Wildhorse Woodcrafters sells $221,000 of receivables to Commercial Factors, Inc. on a with recourse basis. Commercial assesses a finance charge of 7% and retains an amount equal to 6% of accounts receivable. Wildhorse estimates that the recourse liability has a fair value of $4,530 instead of $9,060 estimated earlier.

Prepare the journal entry for Wildhorse to record the sale?

Reference no: EM132178794

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Prepare the journal entry for wildhorse to record the sale : Wildhorse Woodcrafters sells $221,000 of receivables to Commercial Factors, Inc. on a with recourse basis. Prepare journal entry for Wildhorse to record sale
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