Business, 18.03.2021 01:10 Champion9701

Mountain High Ice Cream Company transferred $68,000 of accounts receivable to the Prudential Bank. The transfer was made without recourse. Prudential remits 90% of the factored amount to Mountain High and retains 10%. When the bank collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $5,800) less a 2% fee (2% of the total factored amount). Required:
Prepare the journal entry to record the transfer on the books of Mountain High assuming that the sale criteria are met.

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Mountain High Ice Cream Company transferred $68,000 of accounts receivable to the Prudential Bank. T...

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