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2. SALE OF ACCOUNTS RECEIVABLE Present the journal entries specified below. A. Novak Company sells $189,000 of accounts receivable to Buyout Factors Inc. for cash

2. SALE OF ACCOUNTS RECEIVABLE

Present the journal entries specified below.

Novak Company sells $189,000 of accounts receivable to Buyout Factors Inc. for cash less a 2.5% service charge. Record the sale.

Novak Company sold merchandise for $8,000 and accepted the customer's VISA card. VISA charges a 3.5% service charge. Record the sale.

dont use service charge

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