A 180-day, 12% interest bearing note receivable is sold to a bank without recourse after being held for 2 months. The proceeds were calculated by the bank using a 15% interest rate. The notes receivable is described to have been Factored Discounted Pledged Assigned
A 180-day, 12% interest bearing note receivable is sold to a bank without recourse after being held for 2 months. The proceeds were calculated by the bank using a 15% interest rate. The notes receivable is described to have been Factored Discounted Pledged Assigned
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 14RE: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank....
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