Business, 29.03.2021 23:10 LexyV1242

Nash Incorporated factored $156,000 of accounts receivable with Crane Factors Inc. on a without-recourse basis. Crane assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable for possible adjustments. Prepare the journal entry for Nash Incorporated and Crane Factors to record the factoring of the accounts receivable to Crane.

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Nash Incorporated factored $156,000 of accounts receivable with Crane Factors Inc. on a without-reco...

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