Part B (10 marks) YASIN Manufacturing factored $240,000 of their accounts receivable to Amoula Factor...
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Part B (10 marks) YASIN Manufacturing factored $240,000 of their accounts receivable to Amoula Factor Corp., on a without recourse basis. The receivables are transferred to Amoula Factor, who takes over the full responsibility of collection. Amoula Factor charged a finance charge of 4% of the dollar value of the receivables and withheld 5% of the receivable value. Instructions a) Prepare the Amoula journal entry to reflect this transaction on YASIN's books. b) Prepare the Amoula journal entry to reflect this transaction on Amoula Factor's books
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