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MrRa [10]
3 years ago
12

ervis sells $75,000 of its accounts receivable to Northern Bank in order to obtain necessary cash. Northern Bank charges a 5% fa

ctoring fee. What entry should Jervis make to record the transaction?
Business
1 answer:
Nadusha1986 [10]3 years ago
3 0

Answer:

Debit Cash account      $71,250

Debit Factoring charge   $3,750

Credit Accounts receivable  $75,000

Explanation:

Factoring accounts receivable involves the sale of the account receivable to another party such that the debt is now payable to that party. This is usually done to ease liquidity and at a charge.

When receivables are factored,

Debit Cash account

Debit Factoring charge

Credit Accounts receivable

Charge on factoring =  5/100 × $75,000

= $3,750

Amount to be received = $75,000 - $3,750

= $71,250

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3 0
4 years ago
The group of accounting educators who perform research to determine the possible effects on financial reporting and the economy,
DedPeter [7]

Answer:

The correct answer is American Accounting Association (AAA).

Explanation:

The American Accounting Association (AAA) promotes excellence around the world in education, research and accounting practice. Founded in 1916 as the American Association of University Accounting Instructors, its current name was adopted in 1936. The Association is a voluntary organization of people interested in education and research in the field of accounting.

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4 years ago
The ______ is a roadmap that displays how all the specific activities fit together to accomplish the project work scope.
LUCKY_DIMON [66]

Based on project management, the <u>Network Diagram</u> is a roadmap that displays how all the specific activities fit together to accomplish the project work scope.

<h3>Network Diagram in Project Management</h3>

Generally, Network Diagram is a tool used by project managers to visualize the whole concept before the work is carried out. It is also used throughout the project to determine how the work is to be done, including the duration and methods, sequence, and dependency.

<h3>Benefits of a Project network diagram</h3>
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Hence, in this case, it is concluded that the correct answer is Network Diagram.

Learn more about Network Diagram here: brainly.com/question/8147877

4 0
3 years ago
A driver brought an action for negligence against a motorcyclist in federal district court arising out of a car accident. The mo
Lera25 [3.4K]

Given the case that is presented here the best thing for the lawyer to file would be a  Relief from judgment.

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This can be described as the motion that is made to a law court that has them asking for the correction of a mistake that was made in the given judgment.

This could be as a result of certain mistakes and oversights. From what is read here, neither the manufacturer or the cyclist was aware of the defect at the time that the trial was ongoing.

Read more on court judgments here:

brainly.com/question/1046966

#SPJ12

7 0
2 years ago
Given this project and the requirement that the number of resources working on a task cannot be less than the number assigned to
SashulF [63]

Answer:

c) 5 days, 7 workers

Explanation:

The longest task is Task-1 which takes 5 days.

All the tasks are parallel. So, the length of the project should be 5 days. The resources employed are just the total of all the tasks i.e. 2+2+1+1+1 = 7.

5 days, 7 workers

7 0
4 years ago
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