Financial Accounting: The Impact on Decision Makers
Porter and Norton pack FINANCIAL ACCOUNTING: THE IMPACT ON DECISION MAKERS, 7/E, with decades of academic and real-world accounting experience. This student-friendly text provides the appropriate blend of academic rigor with step-by-step learning models that reach today’s students. Instead of an abstract approach to accounting, you will journey with students through focus companies and their specific financial data and business strategies, imparting students with real-life experience and the decisions they may face. FINANCIAL ACCOUNTING: THE IMPACT ON DECISION MAKERS is a complete teaching system with numbered Examples tied to end-of-chapter homework for step-by-step learning, POD Reviews at the end of every section that provide instant feedback to students to help them master key concepts, as well as NEW Aplia and CengageNOW technology that contains gradable, algorithmic homework activities. Also new is a better and more intuitive system for notating transactions, so students understand better how each transaction affects the financial statements. Best of all, you can completely customize FINANCIAL ACCOUNTING: THE IMPACT ON DECISION MAKERS to include the content you want to cover and in the same sequence as your syllabus.This edition includes a discussion of the current environment of financial reporting, specifically the International Financial Reporting Standards.
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factoring of accounts receivable without recourse
sam 's Ice cream company of south Africa transferred ZAR 30,000 of accounts receivable to the Trust Bank . The transfer was made with recourse. Trust remits 90% of the factored amount to sam's and retains 10%. when the bank collects the receivables, it will remit to sam is the retained amount less a 2% fee (2% of the total factored amount). the currency of south Africa is rand, denoted by ZAR.
Prepare the jounal entry to record the transfer on the book of sam is assuming that the sale criteria are met.