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 > Management Posted 04 Feb 2018 My Price 4.00

Recourse Gringo Corporation

Transfer of Receivables with Recourse Gringo Corporation factors $250,000 of accounts receivable with Winkler Financing, Inc. on a with recourse basis. Winkler financing will collect the receivables. The receivables records are transferred to Winkler Financing on August 15, 2010. Winkler financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments.
(a) What conditions must be met for a transfer of receivables with recourse to be accounted for as a sale?
(b) Assume the conditions from part (a) are met. Prepare the journal entry on August 15, 2010, for
Gringo to record the sale of receivables, assuming the recourse obligation has a fair value of $3,000.

 


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Maurice Tutor
(5)
Status NEW Posted 04 Feb 2018 06:02 PM My Price 4.00

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