FACTORING ACCOUNTS RECEIVABLE On February 1, Anderson, Inc., factors $1,200,000 of accounts receivable. The factor charges a
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FACTORING ACCOUNTS RECEIVABLE On February 1, Anderson, Inc., factors $1,200,000 of accounts receivable. The factor charges a 2 percent fee.
Required:
Prepare the journal entry to record the factoring of the accounts receivable on February 1.
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Related Book For 
Cornerstones Of Financial Accounting Current Trends Update
ISBN: 9781111527952
1st Edition
Authors: Jay Rich , Jeff Jones, Maryanne Mowen , Don Hansen
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