![afolmar2006](/avatars/49416.jpg)
afolmar2006
05.03.2021 •
Business
Sheridan Incorporated factored $133,800 of accounts receivable with Skysong Factors Inc. on a without-recourse basis. Skysong assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable for possible adjustments. Prepare the journal entry for Sheridan Incorporated and Skysong Factors to record the factoring of the accounts receivable to Skysong. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Solved
Show answers
More tips
- S Sport How to Get Rid of Belly Fat: Easy Way to Achieve the Perfect Figure...
- F Family and Home When and how to start introducing solid foods to your baby?...
- B Business and Finance Moneybookers – What it is and How it Works...
- C Computers and Internet How to Format Your C Drive: Detailed Guide and Tips...
- F Food and Cooking What can and cannot be eaten during Lent?...
- H Health and Medicine What to Do When Your Jaw Locks Up?...
- F Family and Home Why Having Pets at Home is Good for Your Health...
- D Dating, Love, Relationships Is it a Compliment or Flattery: What s the Difference?...
- S Science and Technology The Metric System in Our Daily Life: Understanding Its Importance...
- C Computers and Internet What to Do If Your ICQ Gets Hacked?...
Answers on questions: Business
- B Business Afactor leading to a weakening us economy, which followed its initial surge, was the unequal distribution of ?...
- B Business Astock is a short combination of letters used to identify the stock of a particular company. answer id symbol code key...
- B Business Why are you not allowed to wear flip flops/sandals at most retail workplaces? a. they break more easily than shoes. b. they offer less protection than shoes. c. they do...
- B Business Zoe has been doing research on her topic for a while and finally came across an online resource that looks promising. the only problem is that she can t figure out whether...
- B Business The river, the Río Suchiate, forms the border. Behind him is Guatemala. Ahead is Mexico, with its southernmost state of Chiapas. Ahora nos enfrentamos a Ia bestia,” migrants...
- B Business Based on the option quote, the March call should cost:. a. $0. less than $665 but more than $477. b. more than $102. c. less than $225. d. more than $477....
- B Business Examples of physical capital include . Examples of human capital include . A) knowledge one picks up through education and training; factories and computers B) machines...
- B Business Equipment was purchased for $60,050 plus $1,123 in freight charges. Installation costs were $2,128 and sales tax totaled $5,453. The increase in net working capital was...
- B Business Bramble Corp. owns 4550000 shares of stock in Blossom Company. On December 31, 2020, Bramble distributed these shares of stock as a dividend to its stockholders. This...
- B Business Haywood Manufacturing has a sales forecast for 4 locations. They have assigned weights to reflect the probability of sales for each location. Based on this information,...
Ответ:
Sheridan Incorporated journal entry
Dr Cash 123,096
Dr Loss on sale receivables 2,676
Dr Due from factor 8,028
Cr Account receivable $133,800
Skysong Factors journal entry
Dr Account receivable 133,800
Cr Due to customer 8,028
Cr Interest revenue 2,676
Cr Cash 123,096
Explanation:
Preparation of the journal entry for Sheridan Incorporated and Skysong Factors to record the factoring of the accounts receivable to Skysong
Sheridan Incorporated journal entry
Dr Cash 123,096
(133,800-2,676-8,028)
Dr Loss on sale receivables 2,676
(2%*$133,800)
Dr Due from factor 8,028
(6%*$133,800)
Cr Account receivable $133,800
Skysong Factors journal entry
Dr Account receivable 133,800
Cr Due to customer 8,028
(6%*$133,800)
Cr Interest revenue 2,676
(2%*$133,800)
Cr Cash 123,096
(133,800-2,676-8,028)
Ответ:
all of the above
Explanation:
-It is the practice of cutting network cables to damage a network infrastructure.
-It is the practice of finding weaknesses in a computer or computer network.
-It is always illegal.
-It is sometimes practiced by network security professionals.