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56. Morales Company sells S320,000 of its receivables to Instant Factors, Inc. Instant Factors assesses a finance charge of 3% of the amount of receivables

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56. Morales Company sells S320,000 of its receivables to Instant Factors, Inc. Instant Factors assesses a finance charge of 3% of the amount of receivables sold. Instructions: Prepare a journal entry to record the sale of the receivables on Morales Company's books. Account Name Debit Credit

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