Business, 29.03.2021 16:00 PermanentJetlag

Mountain High Ice Cream Company transferred $73,000 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 $6,300) less a 3% fee (3% 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. Mountain High Ice Cream Company transferred $73,000 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 $6,300) less a 3% fee (3% 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.

Answers: 3

Show answers

Another question on Business

Business, 21.06.2019 20:20

On february 3, smart company sold merchandise in the amount of $5,800 to truman company, with credit terms of 2/10, n/30. the cost of the items sold is $4,000. smart uses the perpetual inventory system and the gross method. truman pays the invoice on february 8, and takes the appropriate discount. the journal entry that smart makes on february 8 is:

Answers: 3

Answer

Business, 21.06.2019 21:00

Which of the following is not a personality trait? sincerity word processing punctuality laziness

Answers: 1

Answer

Business, 22.06.2019 09:00

You speak to a business owner that is taking in almost $2000 in revenue each month. the owner still says that they are having trouble keeping the doors open. how can that be possible? use the terms of revenue, expenses and profit/loss in your answer

Answers: 3

Answer

Business, 22.06.2019 15:30

Brenda wants a new car that will be dependable transportation and look good. she wants to satisfy both functional and psychological needs. true or false

Answers: 1

Answer

You know the right answer?

Mountain High Ice Cream Company transferred $73,000 of accounts receivable to the Prudential Bank. T...

Questions