Accounts receivable of 14800 gross are factored with, Accounting Basics

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Accounts receivable of 14800 gross are factored with

Accounts receivable of $14,800 (gross) are factored with Andrew Jackson Credit Corp. without recourse at a financing charge of 9%. Cash is received for the proceeds; collections are handled by the finance company. (These accounts were all past the discount period.)

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D Cash
D Loss on Receiveable
Cr Accounts Receiveable
Cr another account

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Accounting Basics: Accounts receivable of 14800 gross are factored with

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Accounting Basics: Accounts receivable of 14800 gross are factored with

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