Vaughn Furniture factors $913000 of receivables to Cullumber, Inc. Cullumber assesses a 2% service charge on...

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Vaughn Furniture factors $913000 of receivables to Cullumber, Inc. Cullumber assesses a 2% service charge on the amount of receivables sold. Vaughn Furniture factors its receivables regularly with Cullumber. What journal entry does Vaughn make when factoring these receivables? 0 Cash 894740 Service Charge Expense 18260 Accounts Receivable 913000 Cash 894740 Loss on Sale of Receivables 18260 Accounts Receivable 913000 Cash Accounts Receivable Gain on Sale of Receivables 913000 894740 18260 0 894740 Cash Accounts Receivable 894740 Vaughn Furniture factors $913000 of receivables to Cullumber, Inc. Cullumber assesses a 2% service charge on the amount of receivables sold. Vaughn Furniture factors its receivables regularly with Cullumber. What journal entry does Vaughn make when factoring these receivables? 0 Cash 894740 Service Charge Expense 18260 Accounts Receivable 913000 Cash 894740 Loss on Sale of Receivables 18260 Accounts Receivable 913000 Cash Accounts Receivable Gain on Sale of Receivables 913000 894740 18260 0 894740 Cash Accounts Receivable 894740

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The correct journal entry for Vaughn Furniture when factoring these ... View the full answer