North Incorporated sold $300,000 of accounts receivable to Southern Inc on a with recourse basis Sou

North Incorporated sold $300,000 of accounts receivable to Southern Inc on a with recourse basis Sou

North Incorporated sold $300,000 of accounts receivable to Southern Inc on a with recourse basis Southern assesses a 3% finance charge of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable for possible adjustments

Prepare the journal entries for North Incorporated and Southern to record the sale of the accounts receivable to Southern assuming that the recourse liability has a fair value of $15,000

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