What is the loss recorded by the firm that sells, Accounting Basics

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What is the loss recorded by the firm that sells

A firm has a balance in its account receivable account and decides to sell the receivables to a factos without recourse. the factor imposes a 10% fee and agrees to pay $36,000 for the receivables. In addition, the seller and the factor agree that $3,000 of the sales price will be held back due to posible sales returns and allowances from these accounts.

A) what is the loss recorded by the firm that sells the receivables?

B) what is hte journal entry to record the sale of the receivables?

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Accounting Basics: What is the loss recorded by the firm that sells

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Accounting Basics: What is the loss recorded by the firm that sells

Reference No:- TGS0714160

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What is the loss recorded by the firm that sells

Reference No:- TGS0714160

Recent Questions Asked Accounting Basics

Q : What is the incremental cost of buying

Q : Determining the particular sample

Q : How to explain net credit sales

Q : What is the violation and the account discription

Q : What is the loss recorded by the firm that sells

Q : Determine exit mach number and exit velocity magnitude

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