White Corporation has entered into an agreement to transfer accounts receivable to Murphy Company. Under...
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White Corporation has entered into an agreement to transfer accounts receivable to Murphy Company. Under the terms of this agreement, White receives of the value of all the transferred accounts receivable to reflect credit risk and is charged a service charge, which is based upon the dollar amount of transferred receivables. Interest is charged at an annual interest rate of of any outstanding loan balance. The transferred receivables will continue to be collected by White with any cash flows being remitted to Murphy at the end of each month. White is not allowed to transfer the receivables to anyone else. White normally transfers its accounts receivable. what is the journal entry for A sales return of $ on a transferred account is made. Assume that no accrual for estimated sales returns related to this receivable has been made.
White Corporation has entered into an agreement to transfer accounts receivable to Murphy Company. Under the terms of this agreement, White receives of the value of all the transferred accounts receivable to reflect credit risk and is charged a service charge, which is based upon the dollar amount of transferred receivables. Interest is charged at an annual interest rate of of any outstanding loan balance. The transferred receivables will continue to be collected by White with any cash flows being remitted to Murphy at the end of each month. White is not allowed to transfer the receivables to anyone else. White normally transfers its accounts receivable. what is the journal entry for
A sales return of $ on a transferred account is made. Assume that no accrual for estimated sales returns related to this receivable has been made.
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