a. prepare the journal entry required on kristopher’s books on may 1. b. assume the receivables were factored on a with recourse basis instead. the recourse provision has a fair value of $8,000. prepare the journal entry required on kristopher’s books on may 1. c. assume, instead, that on may 1 kristopher assigned the accounts receivable to first state bank as security for a loan in the amount of 200,000. first state charged a 3% commission on the receivables and the interest rate is 6%. prepare the journal entry required on kristopher’s books on may 1. d. related to c., assume that kristopher collected $150,000 on the receivables. prepare the journal entry required by kristopher. e. kristopher remitted to first state bank the collections from e. plus one month’s interest on the note payable. prepare the journal entry required by kristopher.
