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2. Palmer factors $300,000 of accounts receivable with Genner Finance Corporation on a without recourse basis on July 1, 2017. The receivables records are transferred
2. Palmer factors $300,000 of accounts receivable with Genner Finance Corporation on a without recourse basis on July 1, 2017. The receivables records are transferred to Genner Finance, which will receive the collections. Genner Finance assesses a finance charge of lys% of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale. Required: Prepare the journal entry on July 1, 2017, for Palmer to record the sale of receivables without recourse
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