Gipson Furniture factors $700,000 of receivables to Kwik Factors, Inc. Kwik Factors assesses a 3% service charge on the amount of receivables sold. Gipson Furniture factors its receivables regularly with Kwik Factors. What journal entry does Gipson make when factoring these receivables
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Gipson Furniture factors $700,000 of receivables to Kwik Factors, Inc. Kwik Factors assesses a 3% service charge on the amount of ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
A bank statement: 1. lets a depositor know the financial position of the bank as of a certain date. 2. is a credit reference letter written by the depositor's bank. 3. is a bill from the bank for services rendered. 4.
Answers (1)
Which of the following statements is true of agglomeration? Agglomeration creates a demand that forces a skilled labor force to move out of a region. Ownership advantages stem from agglomeration.
Answers (1)
Merone Corporation applies manufacturing overhead to products on the basis of standard machine-hours. The company bases its predetermined overhead rate on 2,800 machine-hours. The company's total budgeted fixed manufacturing overhead is $7,560.
Answers (1)
Place the following temperatures in order from coldest to hottest: - 8°C, 10°C, - 5°F, 40°F a. - 5°F, - 8°C, 40°F, 10°C b. - 5°F, - 8°C, 10°C, 40°F c. - 8°C, - 5°F, 10°C, 40°F d. - 8°C, - 5°F, 40°F, 10°C
Answers (1)
Hamish Life, an insurance company, defines the difference in pay between an entry-level recruiter and an entry-level assembler, as well as the difference between an entry-level recruiter, an HR manager, and the vice president of the human resource
Answers (1)
New Questions in Business
Give two examples of mandatory payroll deductions
Answers (1)
Identify an advertisement or commercial that targets only one of the generational groups. Describe the promotion in detail and identify the intended group.
Answers (1)
From the Farm Fruits, a company that produces and distributes organic fruits for grocery stores, wants to market its fruits in such a way that children will beg their parents to buy them.
Answers (1)
For a given constant required rate of return, the greatest portion of a preferred stockholder's return comes from increases in the price of preferred stock. a. True b. False
Answers (1)
A good investment should do one or both of which two things?
Answers (1)