On March 3 Metro Appliances sells $760,000 of its receivables to Universal Factors Inc. Universal Factors Inc.

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On March 3 Metro Appliances sells $760,000 of its receivables to Universal Factors Inc. Universal Factors Inc. assesses a finance charge of 5% of the amount of receivables sold.

Instructions Prepare the entry on Metro Appliances’ books to record the sale of the receivables.

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Financial Accounting Tools For Business Decision Making

ISBN: 9780471730514

4th Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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Question Posted: Jul 05, 2024 10:08 AM

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On March 3 Metro Appliances sells $760,000 of its receivables to Universal Factors Inc. Universal Factors Inc.

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Financial Accounting Tools For Business Decision Making

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