Singh Corp, a retailer that sells Star Wars merchandise, factored $150,000 of accounts receivable with...
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Accounting
Singh Corp, a retailer that sells Star Wars merchandise, factored $150,000 of accounts receivable with Its Accrual World Corp on January 31, 2017 on a with recourse basis. Its Accrual World Corp assessed a financing charge of 2% of the total accounts receivable and retained an amount equal to 3% of the total accounts receivable for probable adjustments. The fair value of the recourse liability was determined be $5,000 on January 31st. Using the order of the accounts covered in the lecture slides, the journal entry prepared by Singh Corp on January 31, 2017 includes a debit to ( ) for ( ), a debit to ( ) for ( ), a debit to ( ) for ( ) and a credit to ( ) for ( ),a credit to ( ) for ( ).
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