Midwest Textiles decides to sell $700,000 of its ac- counts receivable to First Central Factors Inc. First
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Midwest Textiles decides to sell $700,000 of its ac- counts receivable to First Central Factors Inc. First Central Factors assesses a service charge of 3% of the amount of receivables sold. Prepare the journal entry that Midwest Textiles makes to record this sale.
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Related Book For 
Financial Accounting Tools For Business Decision Making
ISBN: 9780471691952
3rd Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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