(Answered) Question - wood incorporated factored 150000 of accounts

Accounting

Question - Wood Incorporated factored $150,000 of accounts receivable with Engram Factors Inc. 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.

Assume that the receivables are sold with recourse. Prepare the journal entry for Wood to record the sale, assuming that the recourse obligation has a fair value of $7,500.

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