Morely Co. sells $100,000 of receivables with no recourse for 90% of face value and...

70.2K

Verified Solution

Question

Accounting

Morely Co. sells $100,000 of receivables with no recourse for 90% of face value and a 10% commission. Which of these is part of the journal entry to record this transaction?
Credit accounts receivable $90,000
Debit bad debt expense $10,000
Credit factorning expense $9,000
Debit cash for $81,000
Moving to another question will save this response.
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students