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Please show all your work. Thank you in advance! 7. (5 points) Wood Incorporated...

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Accounting

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Please show all your work. Thank you in advance!

7. (5 points) Wood Incorporated factored $500,000 of accounts receivable with Engram Factors Inc. on a with recourse basis. Engram assesses a 3% finance charge of the amount of accounts receivable and retains an amount equal to 10% of accounts receivable for possible adjustments. Wood estimates a recourse liability of $7,000 associated with the transaction. Prepare the journal entry for Wood to record the Jale. Also, record the journal entry for Engram Factors, Inc. to record the purchase of the receivables Wood Inc.'s Journal Entry

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