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Prepare the journal entry on august

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Question - Skysong corporation factors $268,100 of accounts receivable with kathleen battle financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2017. Kathleen battle financing asses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover portable adjustments.

Assume that the conditions are met for the transfer of receivables with recourse to be accounted for as a sale. Prepare the journal entry on august 15, 2017, for skysong to record the sale of receivables, assuming the recourse liability has fair value of $4,380.

Reference no: EM131694067

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