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In the Highwood question, since all the receivables have been “sold” to EasyFinance and EasyFinance is collecting money from the receivables,how will the balance of receivables be credited in Highwood?
By the entry:
Dr Bank $8.7
Dr Administrative expenses $1.3
Cr Receivables $10OK?
Isn’t this the wrong actual entry made by Highwood which should have been reversed by :
Dr Receivables 10
Cr Adm 1.3
Dr Loan a/c 8.7 ?Isn’t this the wrong actual entry made by Highwood which should have been reversed by :
Dr Receivables 10
Cr Adm 1.3
Dr Loan a/c 8.7 ?
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