{"id":174,"date":"2024-09-06T16:47:09","date_gmt":"2024-09-06T16:47:09","guid":{"rendered":"https:\/\/content.one.lumenlearning.com\/financialaccounting\/chapter\/factoring-accounts-receivable\/"},"modified":"2024-09-14T00:01:59","modified_gmt":"2024-09-14T00:01:59","slug":"factoring-accounts-receivable","status":"publish","type":"chapter","link":"https:\/\/content.one.lumenlearning.com\/financialaccounting\/chapter\/factoring-accounts-receivable\/","title":{"raw":"Factoring Accounts Receivable","rendered":"Factoring Accounts Receivable"},"content":{"raw":"<section class=\"textbox learningGoals\" aria-label=\"Learning Goals\">\r\n<ul>\r\n \t<li>Describe the process of factoring accounts receivable<\/li>\r\n<\/ul>\r\n<\/section>&nbsp;\r\n\r\nAccounts receivable factoring, also known as factoring, is a financial transaction in which a company sells its accounts receivable to a financing company that specializes in buying receivables at a discount. Accounts receivable factoring is also known as invoice factoring or accounts receivable financing.\r\n\r\n<img class=\"alignright wp-image-6314\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/5107\/2020\/10\/18190604\/FactoringAccountsReceivable-1024x745.jpg\" alt=\"cash flows from the factor into the company, and accounts receivable flow from the company to the factor.\" width=\"400\" height=\"291\" \/>The buyer (called the \u201cfactor\u201d) collects payment on the receivables from the company\u2019s customers.\r\n\r\nCompanies choose factoring if they want to receive cash quickly rather than waiting for the duration of the credit terms. Factoring allows companies to immediately build up their cash flow and pay any outstanding obligations. Therefore, factoring helps companies free up capital that is tied up in accounts receivable and may also transfer the default risk associated with the receivables to the factor.\r\n\r\nFactoring companies charge what is known as a \u201cfactoring fee.\u201d The factoring fee is a percentage of the amount of receivables being factored. The rate charged by factoring companies depends on things like:\r\n<ul>\r\n \t<li style=\"font-weight: 400;\">The industry the company is in.<\/li>\r\n \t<li style=\"font-weight: 400;\">The volume of receivables to be factored.<\/li>\r\n \t<li style=\"font-weight: 400;\">The quality and creditworthiness of the company\u2019s customers.<\/li>\r\n \t<li style=\"font-weight: 400;\">Days outstanding in receivables (average days outstanding).<\/li>\r\n<\/ul>\r\nAdditionally, the rate depends on whether it is recourse factoring or non-recourse factoring.\r\n\r\nHere is a comparison between the two:\r\n<ul>\r\n \t<li style=\"font-weight: 400;\">In transfer with recourse, the factor can demand money back from the company that transferred receivables if it cannot collect from customers.<\/li>\r\n \t<li style=\"font-weight: 400;\">In transfer without recourse, the factor takes on all the risk of uncollectible receivables. The company that transferred receivables has no liability for uncollectible receivables.<\/li>\r\n<\/ul>\r\nFactoring companies usually charge a lower rate for recourse factoring than it does for non-recourse factoring. When the factor is bearing all the risk of bad debts (in the case of non-recourse factoring), a higher rate is charged to compensate for the risk. With recourse factoring, the company selling its receivables still has some liability to the factoring company if some of the receivables prove uncollectible.\r\n\r\nJust as in most business and investment transactions, the higher the risk, the higher the interest rate.\r\n\r\nFor example, take the following situation:\u00a0On October 1, Larkin Co. transfers $250 thousand of receivables, without recourse, and pays an 8% fee. In addition, the factor keeps an allowance of $15,000 to cover bad accounts. The journal entry would be as follows:\r\n<table class=\"fin-table gridded\"><caption class=\"u-clearfix\"><span style=\"text-transform: uppercase;\">Journal<\/span><span style=\"float: right;\">Page 1<\/span><\/caption>\r\n<thead>\r\n<tr aria-hidden=\"true\">\r\n<td colspan=\"5\"><\/td>\r\n<\/tr>\r\n<tr>\r\n<th scope=\"col\">Date<\/th>\r\n<th scope=\"col\">Description<\/th>\r\n<th scope=\"col\">Post. Ref.<\/th>\r\n<th scope=\"col\">Debit<\/th>\r\n<th scope=\"col\">Credit<\/th>\r\n<\/tr>\r\n<\/thead>\r\n<tbody>\r\n<tr>\r\n<td>20X1<\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<\/tr>\r\n<tr>\r\n<th scope=\"row\">Oct. 1<\/th>\r\n<td>Checking<\/td>\r\n<td class=\"r\"><\/td>\r\n<td class=\"r\">205,000.00<\/td>\r\n<td><\/td>\r\n<\/tr>\r\n<tr>\r\n<th><span class=\"u-sr-only\">Oct. 1<\/span><\/th>\r\n<td>Interest Expense<\/td>\r\n<td><\/td>\r\n<td class=\"r\">20,000.00<\/td>\r\n<td class=\"r\"><\/td>\r\n<\/tr>\r\n<tr>\r\n<th><span class=\"u-sr-only\">Oct. 1<\/span><\/th>\r\n<td>Due from Factor<\/td>\r\n<td><\/td>\r\n<td class=\"r\">15,000.00<\/td>\r\n<td class=\"r\"><\/td>\r\n<\/tr>\r\n<tr>\r\n<th><span class=\"u-sr-only\">Oct. 1<\/span><\/th>\r\n<td>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Accounts Receivable<\/td>\r\n<td><\/td>\r\n<td class=\"r\"><\/td>\r\n<td class=\"r\">250,000.00<\/td>\r\n<\/tr>\r\n<tr>\r\n<th><span class=\"u-sr-only\">Oct. 1<\/span><\/th>\r\n<td>Receivables sold to factor at a discount<\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\nNote: $20,000 factor fee is considered interest expense because the company obtained cash flow earlier than it would have if it waited for the receivables to be collected.\r\n\r\nThere will be some kind of deadline on the agreement. Let\u2019s say it ends on Sept 30 of the next year, and actual bad debts came to $16,000. Without recourse means that the $15,000 the company gave to the factor is the limit of the bad debt liability. The final entry would look like this:\r\n<table class=\"fin-table gridded\"><caption class=\"u-clearfix\"><span style=\"text-transform: uppercase;\">Journal<\/span><span style=\"float: right;\">Page 1<\/span><\/caption>\r\n<thead>\r\n<tr aria-hidden=\"true\">\r\n<td colspan=\"5\"><\/td>\r\n<\/tr>\r\n<tr>\r\n<th scope=\"col\">Date<\/th>\r\n<th scope=\"col\">Description<\/th>\r\n<th scope=\"col\">Post. Ref.<\/th>\r\n<th scope=\"col\">Debit<\/th>\r\n<th scope=\"col\">Credit<\/th>\r\n<\/tr>\r\n<\/thead>\r\n<tbody>\r\n<tr>\r\n<td>20X2<\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<\/tr>\r\n<tr>\r\n<th scope=\"row\">Sept 30<\/th>\r\n<td>Allowance for Doubtful Accounts<\/td>\r\n<td class=\"r\"><\/td>\r\n<td class=\"r\">15,000.00<\/td>\r\n<td><\/td>\r\n<\/tr>\r\n<tr>\r\n<th><span class=\"u-sr-only\">Sept 30<\/span><\/th>\r\n<td>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Due from Factor<\/td>\r\n<td><\/td>\r\n<td class=\"r\"><\/td>\r\n<td class=\"r\">15,000.00<\/td>\r\n<\/tr>\r\n<tr>\r\n<th><span class=\"u-sr-only\">Sept 30<\/span><\/th>\r\n<td>To record settlement of factoring agreement.<\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\nIf this had been with recourse, and since the actual bad debts exceed the amount initially retained by the factor, Larkin, Co. would have to pay the factor an additional $1,000 and the journal entry would look like this:\r\n<table class=\"fin-table gridded\"><caption class=\"u-clearfix\"><span style=\"text-transform: uppercase;\">Journal<\/span><span style=\"float: right;\">Page 1<\/span><\/caption>\r\n<thead>\r\n<tr aria-hidden=\"true\">\r\n<td colspan=\"5\"><\/td>\r\n<\/tr>\r\n<tr>\r\n<th scope=\"col\">Date<\/th>\r\n<th scope=\"col\">Description<\/th>\r\n<th scope=\"col\">Post. Ref.<\/th>\r\n<th scope=\"col\">Debit<\/th>\r\n<th scope=\"col\">Credit<\/th>\r\n<\/tr>\r\n<\/thead>\r\n<tbody>\r\n<tr>\r\n<td>20X2<\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<\/tr>\r\n<tr>\r\n<th scope=\"row\">Sept 30<\/th>\r\n<td>Allowance for Doubtful Accounts<\/td>\r\n<td class=\"r\"><\/td>\r\n<td class=\"r\">16,000.00<\/td>\r\n<td><\/td>\r\n<\/tr>\r\n<tr>\r\n<th><span class=\"u-sr-only\">Sept 30<\/span><\/th>\r\n<td>Checking<\/td>\r\n<td><\/td>\r\n<td class=\"r\"><\/td>\r\n<td class=\"r\">1,000.00<\/td>\r\n<\/tr>\r\n<tr>\r\n<th><span class=\"u-sr-only\">Sept 30<\/span><\/th>\r\n<td>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Due from Factor<\/td>\r\n<td><\/td>\r\n<td class=\"r\"><\/td>\r\n<td class=\"r\">15,000.00<\/td>\r\n<\/tr>\r\n<tr>\r\n<th><span class=\"u-sr-only\">Sept 30<\/span><\/th>\r\n<td>To record settlement of factoring agreement.<\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\nIt is important to note that the type of factoring influences the amount of fee charged and the amount of security held by the factor. The scenario in this example is only for the purpose of comparing the two types. The amount of security retained may be zero under factoring with recourse because the agreement guarantees the factor that any debts that may turn out to be irrecoverable will be reimbursed. As with any business contract, the parties negotiate the terms, and there are as many variations as there are transactions.\r\n\r\n<section class=\"textbox tryIt\" aria-label=\"Try It\">[ohm2_question hide_question_numbers=1]25313[\/ohm2_question]<\/section>","rendered":"<section class=\"textbox learningGoals\" aria-label=\"Learning Goals\">\n<ul>\n<li>Describe the process of factoring accounts receivable<\/li>\n<\/ul>\n<\/section>\n<p>&nbsp;<\/p>\n<p>Accounts receivable factoring, also known as factoring, is a financial transaction in which a company sells its accounts receivable to a financing company that specializes in buying receivables at a discount. Accounts receivable factoring is also known as invoice factoring or accounts receivable financing.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-6314\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/5107\/2020\/10\/18190604\/FactoringAccountsReceivable-1024x745.jpg\" alt=\"cash flows from the factor into the company, and accounts receivable flow from the company to the factor.\" width=\"400\" height=\"291\" \/>The buyer (called the \u201cfactor\u201d) collects payment on the receivables from the company\u2019s customers.<\/p>\n<p>Companies choose factoring if they want to receive cash quickly rather than waiting for the duration of the credit terms. Factoring allows companies to immediately build up their cash flow and pay any outstanding obligations. Therefore, factoring helps companies free up capital that is tied up in accounts receivable and may also transfer the default risk associated with the receivables to the factor.<\/p>\n<p>Factoring companies charge what is known as a \u201cfactoring fee.\u201d The factoring fee is a percentage of the amount of receivables being factored. The rate charged by factoring companies depends on things like:<\/p>\n<ul>\n<li style=\"font-weight: 400;\">The industry the company is in.<\/li>\n<li style=\"font-weight: 400;\">The volume of receivables to be factored.<\/li>\n<li style=\"font-weight: 400;\">The quality and creditworthiness of the company\u2019s customers.<\/li>\n<li style=\"font-weight: 400;\">Days outstanding in receivables (average days outstanding).<\/li>\n<\/ul>\n<p>Additionally, the rate depends on whether it is recourse factoring or non-recourse factoring.<\/p>\n<p>Here is a comparison between the two:<\/p>\n<ul>\n<li style=\"font-weight: 400;\">In transfer with recourse, the factor can demand money back from the company that transferred receivables if it cannot collect from customers.<\/li>\n<li style=\"font-weight: 400;\">In transfer without recourse, the factor takes on all the risk of uncollectible receivables. The company that transferred receivables has no liability for uncollectible receivables.<\/li>\n<\/ul>\n<p>Factoring companies usually charge a lower rate for recourse factoring than it does for non-recourse factoring. When the factor is bearing all the risk of bad debts (in the case of non-recourse factoring), a higher rate is charged to compensate for the risk. With recourse factoring, the company selling its receivables still has some liability to the factoring company if some of the receivables prove uncollectible.<\/p>\n<p>Just as in most business and investment transactions, the higher the risk, the higher the interest rate.<\/p>\n<p>For example, take the following situation:\u00a0On October 1, Larkin Co. transfers $250 thousand of receivables, without recourse, and pays an 8% fee. In addition, the factor keeps an allowance of $15,000 to cover bad accounts. The journal entry would be as follows:<\/p>\n<table class=\"fin-table gridded\">\n<caption class=\"u-clearfix\"><span style=\"text-transform: uppercase;\">Journal<\/span><span style=\"float: right;\">Page 1<\/span><\/caption>\n<thead>\n<tr aria-hidden=\"true\">\n<td colspan=\"5\"><\/td>\n<\/tr>\n<tr>\n<th scope=\"col\">Date<\/th>\n<th scope=\"col\">Description<\/th>\n<th scope=\"col\">Post. Ref.<\/th>\n<th scope=\"col\">Debit<\/th>\n<th scope=\"col\">Credit<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>20X1<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">Oct. 1<\/th>\n<td>Checking<\/td>\n<td class=\"r\"><\/td>\n<td class=\"r\">205,000.00<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<th><span class=\"u-sr-only\">Oct. 1<\/span><\/th>\n<td>Interest Expense<\/td>\n<td><\/td>\n<td class=\"r\">20,000.00<\/td>\n<td class=\"r\"><\/td>\n<\/tr>\n<tr>\n<th><span class=\"u-sr-only\">Oct. 1<\/span><\/th>\n<td>Due from Factor<\/td>\n<td><\/td>\n<td class=\"r\">15,000.00<\/td>\n<td class=\"r\"><\/td>\n<\/tr>\n<tr>\n<th><span class=\"u-sr-only\">Oct. 1<\/span><\/th>\n<td>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Accounts Receivable<\/td>\n<td><\/td>\n<td class=\"r\"><\/td>\n<td class=\"r\">250,000.00<\/td>\n<\/tr>\n<tr>\n<th><span class=\"u-sr-only\">Oct. 1<\/span><\/th>\n<td>Receivables sold to factor at a discount<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Note: $20,000 factor fee is considered interest expense because the company obtained cash flow earlier than it would have if it waited for the receivables to be collected.<\/p>\n<p>There will be some kind of deadline on the agreement. Let\u2019s say it ends on Sept 30 of the next year, and actual bad debts came to $16,000. Without recourse means that the $15,000 the company gave to the factor is the limit of the bad debt liability. The final entry would look like this:<\/p>\n<table class=\"fin-table gridded\">\n<caption class=\"u-clearfix\"><span style=\"text-transform: uppercase;\">Journal<\/span><span style=\"float: right;\">Page 1<\/span><\/caption>\n<thead>\n<tr aria-hidden=\"true\">\n<td colspan=\"5\"><\/td>\n<\/tr>\n<tr>\n<th scope=\"col\">Date<\/th>\n<th scope=\"col\">Description<\/th>\n<th scope=\"col\">Post. Ref.<\/th>\n<th scope=\"col\">Debit<\/th>\n<th scope=\"col\">Credit<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>20X2<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">Sept 30<\/th>\n<td>Allowance for Doubtful Accounts<\/td>\n<td class=\"r\"><\/td>\n<td class=\"r\">15,000.00<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<th><span class=\"u-sr-only\">Sept 30<\/span><\/th>\n<td>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Due from Factor<\/td>\n<td><\/td>\n<td class=\"r\"><\/td>\n<td class=\"r\">15,000.00<\/td>\n<\/tr>\n<tr>\n<th><span class=\"u-sr-only\">Sept 30<\/span><\/th>\n<td>To record settlement of factoring agreement.<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>If this had been with recourse, and since the actual bad debts exceed the amount initially retained by the factor, Larkin, Co. would have to pay the factor an additional $1,000 and the journal entry would look like this:<\/p>\n<table class=\"fin-table gridded\">\n<caption class=\"u-clearfix\"><span style=\"text-transform: uppercase;\">Journal<\/span><span style=\"float: right;\">Page 1<\/span><\/caption>\n<thead>\n<tr aria-hidden=\"true\">\n<td colspan=\"5\"><\/td>\n<\/tr>\n<tr>\n<th scope=\"col\">Date<\/th>\n<th scope=\"col\">Description<\/th>\n<th scope=\"col\">Post. Ref.<\/th>\n<th scope=\"col\">Debit<\/th>\n<th scope=\"col\">Credit<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>20X2<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">Sept 30<\/th>\n<td>Allowance for Doubtful Accounts<\/td>\n<td class=\"r\"><\/td>\n<td class=\"r\">16,000.00<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<th><span class=\"u-sr-only\">Sept 30<\/span><\/th>\n<td>Checking<\/td>\n<td><\/td>\n<td class=\"r\"><\/td>\n<td class=\"r\">1,000.00<\/td>\n<\/tr>\n<tr>\n<th><span class=\"u-sr-only\">Sept 30<\/span><\/th>\n<td>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Due from Factor<\/td>\n<td><\/td>\n<td class=\"r\"><\/td>\n<td class=\"r\">15,000.00<\/td>\n<\/tr>\n<tr>\n<th><span class=\"u-sr-only\">Sept 30<\/span><\/th>\n<td>To record settlement of factoring agreement.<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>It is important to note that the type of factoring influences the amount of fee charged and the amount of security held by the factor. The scenario in this example is only for the purpose of comparing the two types. The amount of security retained may be zero under factoring with recourse because the agreement guarantees the factor that any debts that may turn out to be irrecoverable will be reimbursed. As with any business contract, the parties negotiate the terms, and there are as many variations as there are transactions.<\/p>\n<section class=\"textbox tryIt\" aria-label=\"Try It\"><iframe loading=\"lazy\" id=\"ohm25313\" class=\"resizable\" src=\"https:\/\/ohm.one.lumenlearning.com\/multiembedq.php?id=25313&theme=lumen&iframe_resize_id=ohm25313&source=tnh\" width=\"100%\" height=\"150\"><\/iframe><\/section>\n","protected":false},"author":6,"menu_order":12,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Factoring Accounts Receivable\",\"author\":\"Joseph Cooke\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"Accounting Principles: A Business Perspective\",\"author\":\"James Don Edwards, University of Georgia & Roger H. 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