Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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:

image text in transcribed
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: Multiple Choice Debit to Cash of $39,780 and a credit to Accounts Receivable of $39.780 Debt to Cash of $39,000 and a credit to Notes Payable of 539.000, Debit to Cash of $39,000 and a credit to Accounts Receivable of 539.000 Debit to Cash of $39.000, a credit to Factoring Fee Expense of 5780, and a credit to Accounts Receivable of $38.220

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

At Least Know This CPA Review 2021 Financial Accounting And Reporting

Authors: At Least Know This

1st Edition

979-8533826730

More Books

Students also viewed these Accounting questions

Question

Describe the role of free trade zones (FTZs) in global logistics.

Answered: 1 week ago

Question

5. Identify three characteristics of the dialectical approach.

Answered: 1 week ago

Question

6. Explain the strengths of a dialectical approach.

Answered: 1 week ago

Question

4. Explain the strengths and weaknesses of each approach.

Answered: 1 week ago