(Answered) Question - wood incorporated factored 150000 of accounts

Accounting

Question - Wood Incorporated factored $150,000 of accounts receivable with Engram Factors Inc. on a without recourse basis. Engram 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 Wood Incorporated and Engram Factors to record the factoring of the accounts receivable to Engram.

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