Business, 22.02.2021 19:00 Casey7019

Windsor Corporation factors $256,800 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2020. Kathleen Battle Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments. Required:
a. What conditions must be met for a transfer of receivables with recourse to be accounted for as asale?
b. Assume the conditions from part (a) are met. Prepare the journal entry on August 15, 2014, for BeyoncÃ© to record the sale of receivables, assuming the recourse obligation has a fair value of $2,000.

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