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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
The Inder Corporation is experiencing a temporary cash shortage and decides to factor a group of its accounts receivable. The factor accepts $80,000 of Inder’s accounts receivable, remits 90% of the accounts receivable factored, and charges a 16% commission on the gross amount of the factored receivables. During the period, sales returns and allowances on factored accounts amounted to $1,500.
Required
Prepare all the journal entries necessary by Inder to record the preceding information.
Hel-----------lo -----------Sir-----------/Ma-----------dam-----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g o-----------ur -----------web-----------sit-----------e a-----------nd -----------acq-----------uis-----------iti-----------on -----------of -----------my -----------sol-----------uti-----------on.-----------Ple-----------ase----------- pi-----------ng -----------me -----------on -----------cha-----------t I----------- am----------- on-----------lin-----------e o-----------r i-----------nbo-----------x m-----------e a----------- me-----------ssa-----------ge -----------I w-----------ill----------- be----------- ca-----------tch-----------