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  3. nash incorporated factored $163,900 of accounts re

Nash Incorporated factored $163,900 of accounts receivable with Crane Factors Inc. on a without-recourse basis....

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Accounting

Nash Incorporated factored $163,900 of accounts receivable with Crane Factors Inc. on a without-recourse basis. Crane assesses
a 235 finance charge of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable for possible
adjustments.
Prepare the joumal entry for Nash Incorporated and Crane Factors to record the factoring of the accounts receivable to Crane. (If no
entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the
amount is entered. Do not indent manually. List all debit entries before credit entries.)
Account Titles and Explanation
Nash
Debit
image

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