Sheffield Inc. factors receivables with a carrying amount of $207,000 to Joffrey Company for $177,400 on a with recourse basis. The recourse provision has a fair value of $2,750. This transaction should be recorded as a sale. Prepare the appropriate journal entry to record this transaction on the books of Sheffield Inc. (If no entry is required, select "No Entry"

Accounts receivable: The amount of money to be received by the company for the sale of goods and…

Answered: Sheffield Inc. factors receivables with a carrying amount of $207,000 to Joffrey Company for $177,400 on a with recourse basis. The recourse provision has a…

FINANCIAL ACCOUNTING

10th Edition

ISBN: 9781259964947

Author: Libby

Publisher: MCG

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Balance of Payments

BOP is categorized into the following three components:

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**Transcription for Educational Purposes:**

Sheffield Inc. factors receivables with a carrying amount of $207,000 to Joffrey Company for $177,400 on a with recourse basis.

The recourse provision has a fair value of $2,750. This transaction should be recorded as a sale.

Prepare the appropriate journal entry to record this transaction on the books of Sheffield Inc. *(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.)*

**Account Titles and Explanation**

| Account Titles and Explanation | Debit | Credit |
|--------------------------------|-------|--------|
| | | |
| | | |
| | | |

There are no graphs or diagrams in the image. The text provides information related to a financial transaction and requires preparation of a journal entry.

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