Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. recording the sale of accounts receivable with rec

Recording the Sale of Accounts Receivable with Recourse On April 1, DOS Company sold...

70.2K

Verified Solution

Question

Accounting

Recording the Sale of Accounts Receivable with Recourse
On April 1, DOS Company sold $18,000 accounts receivable to PS2 Finance Company to
obtain immediate cash. The related allowance for doubtful accounts was $720. The
financial agreement specified a price of $15,300 on a with-recourse basis. DOS estimated a
$360 recourse liability.
Required
Prepare the journal entry for DOS Company to sell the accounts receivable.
Note: If a line in the journal entry isn't required for the transaction, select "N/A" as the
account name and leave the Dr. and Cr. answers blank (zero).
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

Statistics
1.2K views

The finance director at Ubuntu University of Science and Technology is concerned about the overhead costs...

Biology
1.2K views

An inflammatory response is vital to eliminating an infectious agent. Fully describe inflammation, addressing each of...

Physics
1.2K views

22 In a Young s interference experimental arrangement incident yellow light is composed of two...

Physics
1.2K views

Q 36 A glass slab of thickness 2 5 cm having refractive index 5 3...

Physics
1.2K views

3 A piece of cork is floating on water in a small tank The cork...

Calculus
1.2K views

Show that the curve defined by a vector valued function r t t t cos...

Algebra
1.2K views

Problem 3 2 points Find a basis for Span 1 2x 2x x 1 x...

Algebra
1.2K views

Use the method of corners to solve the linear programming problem An investor has decided...

Accounting
1.2K views

En janvier 1984, Mme Marlne a sign un contrat avec un fond mutuel qui lui...

Accounting
1.2K views

Backflush costing aims at reducing waste in the Question 1Answer a....

Accounting
1.2K views

Entries for issuing bonds and amortizing discount by straight-line method On the...

Finance
1.2K views

A convertible bond will sell at a Blank______ a comparable bond that is not convertible