Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. current attempt in progress coronado corp.factors

Current Attempt in Progress Coronado Corp.factors $356,000 of accounts receivable with Whispering Finance Corporation on...

70.2K

Verified Solution

Question

Accounting

image
Current Attempt in Progress Coronado Corp.factors $356,000 of accounts receivable with Whispering Finance Corporation on a without recourse basis on July 1, 2020. The receivables records are transferred to Whispering Finance, which will receive the collections. Whispering Finance assesses a finance charge of 1.70% of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale. (a) Prepare the journal entry on July 1, 2020, for Coronado Corp. to record the sale of receivables without recourse. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Account Titles and Explanation Date July 1, 2020 Submit Answer Attempts: 0 of 1 used Save for Later (b) der This part will be available when you complete the part above

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Tools Question 1 Right triangle XYZ is shown below Z 29 20 X 21 Enter...

Geometry
Q

7 Is reflected over the line y a to produce 8 76 N 8 7...

Geometry
Q

Myrtle Wilson I suupose Daisy ll call too 154 Chapter 9 Jimmy was bound to...

Calculus
Q

Question 4 7 2 7 Part 1 of 2 e the following linear programming problem...

Calculus
Q

Question 5 of 5 View Policies Show Attempt...

Accounting
Q

Mann, Inc., had 300,000 shares of common stock issued and outstanding at January 1. On...

Accounting
Q

Hwo to find less ending inventory

Accounting
Q

v2.cengagenow.com llock Schedule of Can Collections of Accounts Receivable OficeMart Inc. has "cash and carry...

Accounting
Q

Choose an emerging country and research the strength of enforcement of financial accounting standards and...

Accounting
Q

what is the classification and normal balance of allowance for doubtful accounts?

Accounting
Q

As part of its executive compensation plan, Vertovec Inc. granted 66,000 of its no-par common...

Accounting
Q

Exhibit 4.1 The balance sheet and income statement shown below are for Koski Inc. Note...

Finance