Business, 12.10.2021 15:00 bankscorneliuso39

Concord Incorporated factored $150,700 of accounts receivable with Engram Factors Inc. on a with recourse basis. Engram assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 7% of accounts receivable for possible adjustments. Prepare the journal entry for Concord to record the sale, assuming that the recourse liability has a fair value of $7,680

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Concord Incorporated factored $150,700 of accounts receivable with Engram Factors Inc. on a with rec...