Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 18 Aug 2017 My Price 11.00

Jones Company

Presented below is information for Jones Company.

1.   Beginning-of-the-year Accounts Receivable balance was $19,200.
2.   Net sales (all on account) for the year were $102,500. Jones does not offer cash discounts.
3.   Collections on accounts receivable during the year were $90,900.


Jones is planning to factor some accounts receivable at the end of the year. Accounts totaling $10,600 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 7% of the balances for probable adjustments and assesses a finance charge of 6%. The fair value of the recourse obligation is $1,060.

Prepare the journal entry to record the sale of the receivables.

Compute JonesAc€?cs accounts receivable turnover ratio for the year, assuming the receivables are sold.

Answers

Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 05:08 PM My Price 11.00

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