Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas Finance Company. On April the company transferred $ of accounts receivable to Milpitas. The transfer was made without recourse. Milpitas remits of the factored amount and retains When Milpitas collects the receivables, it remits to Samson the retained amount less a fee of the total factored amount Samson estimates the fair value of the last of its receivables to be $
Required:
Prepare the journal ehtry for Samson Wholesale Beverage for the transfer of accounts receivable on April assuming the sale criteria are met.
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field.
Journal entry worksheet
Record the transfer of accounts receivable on April
Note: Enter debits before redits
tableEventGeneral Journal,Debit,Credit
