Vaughn Corp. factors $440,000 of accounts receivable with Bramble Finance Corporation on a without recourse basis on July 1, 2025. The receivables records are transferred to Bramble Finance, which will receive the collections. Bramble Finance assesses a finance charge of 1.90% of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale. (a) Prepare the journal entry on July 1, 2025, for Vaughn Corp. to record the sale of receivables without recourse. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation July 1, 2025 Debit Credit

Q: Explain the charactristics

A: It is identified that many of the criteria given in the Table I can be met simultaneously. For…

Q: 2. Give one real life scenario where you can apply or experience the following concepts. a. Mark on:…

A: The price of a product may be different for different parties. A person who purchases an item for…

Q: Please correct the aswer

A: The current yield of the bond is referred to as the relationship between the annual coupon amount…

Q: Are these written in your own words?

A: Yes the answer is writtern in own words. Please find a alternate answer below

Q: AS36

A: The core principle in IAS 36 is that an asset must not be carried in the financial statements at…

Q: Examples of  CIRO and PIRO

A: Example of CIRO: A note book valued at $5 CAD is being transported through courier would be exempt…

Q: John wishes to borrow 20,000. Lender X and Y offer the following terms: (1) Lender X will be repaid…

A: Present value:Present value is popularly known in short as PV. It is a concept of accounting that…

Q: What is BATNA?

A:

Q: Fill in the blank. ______ standards reflect what is expected to occur.

A: Standards are a set of rules that define the threshold of any activity. In accounting, there are…

Q: DiscUES Wfour) importanie of cost auornting Yo your programhe q study

A: Cost accounting is one of the types of accounting in which the company's total cost is recorded and…

Q: I need help

A: A payroll journal is a written record of accounting transactions pertaining to payroll. Payroll…

Q: What is the SML? What is the CAPM? What is the APT?

A: Security Market Line (SML):The Security Market Line (SML) is a graphical representation of the…

Q: I need help with this

A: ‘’Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Uncollectible Accounts-Percentage of Sales and Percentage of Recelvab At the end of the current…

A: We shall answer the first question since the exact one was not specified. Please resubmit a new…

Q: Illustrate the Guidelines for Selecting a MARR?

A: It places a base gainfulness prerequisite on the discount rate, or MARR, which a venture or…

Q: hat is APY

A: In interest there is compounding and other is simple interest. In the compouding there is interest…

Q: mial markel le econmc gmath omel ome md

A: a) Financial market is a market or an arrangement which facilitates the exchange of financial…

Q: lanagemenl A ler

A: The right answer is option a. cost centre

Q: I need examples

A: Skimming fraud can be possible in business or personal basis. It is white collor crime. Generally It…

Q: kindly, explain more

A: When deciding where to invest there many factors that need to be considered in order to take any…

Q: What is CAPM? How about APT?

A: CAPM and APT are two common models for pricing used in finance. These are explained below.

Q: Activity F stomer Service

A: 1) S. Inc Activity rate = Total activity cost ÷ Activity Base Customer Service = $29,190 ÷ 210 =…

Q: Can you help with the second part?

A: Cost of goods sold is the cost of the value of the inventory which has been sold during the period…

Q: Format m dalna chaiye tha

A: A journal entry is a type of process of recording business transactions in the books of the company.…

Q: 1. Descibe JIT production and its features.

A: Just in time production represents the reduction in labor, material, and time so that the cost could…

Bad Debts

At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.  

Accounts Receivable

The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.