Lucille Company exchanges its receivables for cash through pledging. Lucille should do each of the following, except:
a. Recognize any gain or loss
b. Retains ownership of the pledged receivables
c. Disclose the pledging of its accounts receivable in the notes to the financial statement
d. Make an entry with a debit to cash and a credit to notes payable
It’s that simple.Pay only when you are satisfied.
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