Check my worl Samson Wholesale Beverage Company regularly factors its accounts receivable with the M

Check my worl Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas Financ Company. On April 30, 2018, the company transferred $990,000 of accounts receivable to Milpitas. The transfer was made without recourse. Milpitas remits 90% of the factored amount and retains 10%. When Milpitas collects the receivables, it remits to Samson the retained amount less a 5% fee (5% of the total factored amount). Samson estimates the fair value of the last 10% of its receivables to be $79,000. Required: points Prepare the journal entries for Samson Wholesale Beverage for the transfer of accounts receivable on April 30 assuming the sale criteria are met. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.) eBook Print View transaction list Journal entry worksheet Record the transfer of accounts receivable on April 30. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal

 

Looking for a Similar Assignment? Hire our Top Uk Tutors while you enjoy your free time! All papers are written from scratch and are 100% Original. Try us today! Active Discount Code FREE15