3. Why accrue an expense?

1 answer:

8 0

Because accrued expenses represent a company's obligation to make future cash payments, they are shown on a company's balance sheet as current liabilities.

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Wood Incorporated factored $165,600 of accounts receivable with Engram Factors Inc. on a without recourse basis. Engram assesses

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Answer:

The journal entries are shown below:

Explanation:

Cash $149,040

Due from factor $11,592 ($165,600 × 3%)

Loss on sale of receivables $4,968 ($165,600 × 3%)

To Account receivable $165,600

(Being the factoring of account receivable is recorded)

Account receivable $165,600

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D. Slander of title.

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Slander of title occurs when someone publishes an untrue and disparaging statement about another person’s real property -- meaning a home, building, or parcel of land -- and the statement could have a negative impact on the property's value.

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