What would be the debit to Cash in the journal entry to record this transaction, accounting homework help

User Generated

cnvtrryvafxv

Business Finance

Description

Bramble Corp. factors $3100000 of its accounts receivables without recourse for a finance charge of 4%. The finance company retains an amount equal to 8% of the accounts receivable for possible adjustments. Bramble estimates the fair value of the recourse liability at $320000. What would be the debit to Cash in the journal entry to record this transaction?




A.

B.

C.

D.

User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

Hi again,The answer is: D. $2728000.Please find the calculations attached

Bramble Corp. factors $3100000 of its accounts receivables w...


Anonymous
Really great stuff, couldn't ask for more.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Similar Content

Related Tags