D. Debit to Accounts Receivable for $20,000 11. Mountain High Ice Cream Company transferred $60,000...
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D. Debit to Accounts Receivable for $20,000 11. Mountain High Ice Cream Company transferred $60,000 of accounts receivable to the Prudential Bank.T transfer was made without recourse. Prudential remits 90% of the factored amount to Mountain High and ret 10%. When the bank collects the receivables, it will remit to Mountain High the retained amount less a 2% f of the total factored amount). The journal entry to record the transfer on the books of Mountain High assumi the sale criteria are met includes: A. A credit to Loss on Sale of Accounts Receivable of $1,200, B. C. D. A credit to Recourse Liability of $1,200. A credit to Accounts Receivable of $60,000. A debit to Cash of $60,000
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