Business, 06.04.2021 01:30 omoaye

Mountain High Ice Cream Company transferred $79,000 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 $6,900) 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.

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Mountain High Ice Cream Company transferred $79,000 of accounts receivable to the Prudential Bank. T...