Business, 25.04.2020 00:17 oliviaboils

Presented below is information for Tamarisk, Inc. for 2017: 1. Beginning-of-the-year Accounts Receivable balance was $142,000. 2. Net sales for the year were $1,550,000. $130,000 of the sales were cash sales. Tamarisk does not offer cash discounts for early payment. 3. Collections on accounts receivable during the year were $1,362,000. Tamarisk plans to factor accounts receivable totaling $70,000 at the end of the year. Tamarisk will transfer the accounts to Herzog Factors, Inc. with recourse. Herzog Factors will retain 4% of the balances for probable adjustments and assesses a finance charge of 6%. The fair value of the recourse obligation is $3,300. Prepare the journal entry to record the sale of the receivables.

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Presented below is information for Tamarisk, Inc. for 2017: 1. Beginning-of-the-year Accounts Receiv...