On March 3 Soyka Appliances sells ($ 900,000) of its receivables to Potter Factors Inc. Potter Factors
Question:
On March 3 Soyka Appliances sells \(\$ 900,000\) of its receivables to Potter Factors Inc. Potter Factors Inc. assesses a finance charge of \(3 \%\) of the amount of receivables sold.
\section*{Instructions}
Prepare the entry on Soyka Appliances' books to record the sale of the receivables.
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Related Book For 
Financial Accounting Tools For Business Decision Making
ISBN: 9780471169192
1st Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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