Business, 14.04.2020 23:23 jakails7532

Hunt Incorporated sold $209,000 of accounts receivable to Gannon Factors Inc. on a with recourse basis. Gannon assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 7% of accounts receivable for possible adjustments. Prepare the journal entries for Hunt Incorporated and Gannon Factors to record the sale of the accounts receivable to Gannon assuming that the recourse liability has a fair value of $12,100. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 20:50

Suppose the price of frozen yogurt, a substitute for ice cream, increases. what happens to equilibrium price and quantity of ice cream? a. the price and quantity of ice cream both increase b. the price and quantity of ice cream both decrease c. the price of ice cream increases and the quantity decreases d. the price of ice cream decreases and the quantity increases

Answers: 3

Answer

Business, 22.06.2019 09:40

As related to a company completing the purchase to pay process, is there an accounting journal entry "behind the scenes" when xyz company pays for the goods within 10 days of the invoice (gross method is used for discounts and terms are 2/10 net 30) that updates the general ledger?

Answers: 3

Answer

Business, 22.06.2019 12:10

The following transactions occur for badger biking company during the month of june: a. provide services to customers on account for $32,000. b. receive cash of $24,000 from customers in (a) above. c. purchase bike equipment by signing a note with the bank for $17,000. d. pay utilities of $3,200 for the current month. analyze each transaction and indicate the amount of increases and decreases in the accounting equation. (decreases to account classifications should be entered as a negative.)

Answers: 1

Answer

Business, 22.06.2019 13:00

Explain the relationship between consumers and producers in economic growth and activity

Answers: 1

Answer

You know the right answer?

Hunt Incorporated sold $209,000 of accounts receivable to Gannon Factors Inc. on a with recourse bas...

Questions