Smart-T Has Just Sold Their Accounts Receivables of $260,000 to Colleen

question 135

Essay

Smart-T has just sold their accounts receivables of $260,000 to Colleen Collect Inc on a non-recourse basis for 95% of their balance.Prepare the journal entry for this transaction.

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Definitions:

Marketing Plan

A comprehensive document or blueprint outlining an organization's advertising and marketing efforts for the coming period, including strategies, targets, and actions.

Bullet Points

A formatting style in documents and presentations used to list items, features, or points in a concise, easily readable manner.

Financial Projections

Estimates of future revenue, expenses, and cash flows of a business.

Prospective Investors

Individuals or entities considering the allocation of capital with the expectation of achieving a future financial return.