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A company factored $39,000 of its accounts receivable and was charged a 2% factoring fee. The journal entry to record this transaction would include a:
A company factored $39,000 of its accounts receivable and was charged a 2% factoring fee. The journal entry to record this transaction would include a: OA) O Debit to Cash of $38,220, a debit to Factoring Fee Expense of $780, and a credit to Accounts Receivable of $39,000. B) Debit to Cash of $39,000 and a credit to Accounts Receivable of $39,000. Debit to Cash of $39,000, a debit to Factoring Fee Expense of $780, and credit to Accounts Receivable of $38,220. D) Debit to Cash of $39,780 and a credit to Accounts Receivable of $39,780. C) E) Debit to Cash of $39,000 and a credit to Notes Payable of $39,000. Question 7 (2 points)
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