Waterway Incorporated factored $135,100 of accounts receivable with Wildhorse Factors inc. on a without-recourse basis....
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Waterway Incorporated factored $135,100 of accounts receivable with Wildhorse Factors inc. on a without-recourse basis. Wildhorse assesses a 3% finance charge of the amount of accounts receivable and retains an amount equal to 7% of accounts receivable for possible adjustments, Prepare the journal entry for Waterway incorporated and Wildhorse Factors to record the factoring of the accounts receivable to Wildhorse. (ff no entry is required, select "No Entry" for the account tifles and enter of for the amounts. Credit account bitles are automatically indented when the amount is entered. Do not indent manually
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