A company factored dollar 55,000 of its accounts receivable and was charged a 2% factoring fee. The journal entry to record this transaction would Include a: Debit to Cash of dollar 53, 900, a debit to Factoring Fee Expense of dollar 1, 100, and a credit to Accounts Receivable of dollar 55,000. Debit to Cash of dollar 55,000 and a credit to Notes Payable of dollar 55,000. Debit to Cash of dollar 55,000, a credit to Factoring Fee Expense of dollar 1, 100, and a credit to Accounts Receivable of dollar 53, 900. Debit to Cash of dollar 56, 100 and a credit to Accounts Receivable of dollar 56, 100. Debit to Cash of dollar 55,000 and a credit to Accounts Receivable of dollar 55,000