ecording the Sale of Accounts Receivable with Recourse On April 1, DOS Company...
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Accounting
ecording the Sale of Accounts Receivable with Recourse
On April DOS Company sold $ accounts receivable to PS Finance Company to obtain immediate cash. The related allowance for doubtful accounts was $ The financial agreement specified a price of $ on a withrecourse basis. DOS estimated a $ recourse liability.
Required
Prepare the journal entry for DOS Company to sell the accounts receivable.
Note: If a line in the journal entry isn't required for the transaction, select NA as the account name and leave the Dr and Cr answers blank zero
Account Name Dr Cr
Cash
Answer
Loss on Sale of Receivables
Answer
Recourse Liability
Answer
Accounts Receivable
Answer
Allowance for Doubtful Accounts
Answer
To record sale of accounts receivable.
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