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Check my work Exercise 7-19 Factoring of accounts receivable without recourse [LO7-8] Mountain High Ice...

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Check my work Exercise 7-19 Factoring of accounts receivable without recourse [LO7-8] Mountain High Ice Cream Company transferred $66,000 of accounts recelvable to the Prudential Bank.The transfer was made awithout recourse. Prudential re its 90% of the factored amount to Mountain High and retains 10 factored amount). Required: Prepare the journal entry to record the transfer on the books of Mountain High assuming that the sale creria are met (If no entry is when the bank Collects ece vat es High the retained amout (which Mountain estimates has a fair value of S5600) less a 2% fee(2% ofthe total Bock required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the transfer of accounts recelvable. Prer 150, 16m Next > 3 5 WE K. commandoption

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