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Recording a Sale of Accounts Receivable With Recourse Exon Company sold accounts receivable of $10,000...

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Accounting

Recording a Sale of Accounts Receivable With Recourse

Exon Company sold accounts receivable of $10,000 (with an allowance for doubtful accounts of $300) for $9,000 cash, with recourse. Estimated obligations due to the with-recourse provision amounted to $700. Record the sale of receivables entry for Exon Company.

Note: If a line in the journal entry isn't required for the transaction, select "N/A" as the account name and leave the Dr. and Cr. answers blank (zero).

Note: If a line in the journal entry isn't required for the transaction, select "N/A" as the account name and leave the Dr. and Cr. answers blank (zero).

Account Name Dr. Cr.
Cash
Allowance for Doubtful Accounts
?
?
Accounts Receivable

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