ACC 300_Pro Forma - 30 Sale of Receivables 445 Total...

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JOURNAL ENTRIES: Debit Credit APPRAISAL Cash 445 Fair Value 500 Servicing Asset 40 90% transaction 450 Gain/Loss On Sale of A/R 0 Recourse 30 Accounts Receivable 455 Servicing 40 Recourse Obligation 30 Income Statement Cash 50 Warranty Revenue 50 Warranty Revenue 50 Bad Debt Expense (2) Warranty Expense 25 Warranty Expense (25) Cash 25 Net Income 23 Balance Sheet Assets Cash Flow Cash 470 Net Income 23 A/R (457) Operating Activities 2 Servicing Asset 40 Total Assets 53 Liabilities Financing Activities Recourse liability
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Unformatted text preview: 30 Sale of Receivables 445 Total liabities 30 Retained Earnings 23 Net change in cash 470 Total Liabilities & Equity 53 IFRS Balance Sheet Income Statement Assets Warranty Revenue 50 Cash 470 Warranty Expense (25) Total Assets 470 Net Income 25 Liabilities Recourse liability 445 Total liabities 445 Retained Earnings 25 Total Liabilities & Equity 470 Cash Flow Net Income 25 Investing Activities 445 Net change in cash 470...
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