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A Company sold $16,000 of its accounts receivable and was charged a 3.5% factoring fee. How should the company record this transaction in the journal?
| A Company sold $16,000 of its accounts receivable and was charged a 3.5% factoring fee. How should the company record this transaction in the journal? |
| Cash | 15,440 | |
| Factoring Fee Expense | 560 | |
| Account Receivable | 16,000 |
| Cash | 16,000 | |
| Account Receivable | 16,000 |
| Cash | 16,000 | |
| Factoring Fee Expense | 560 | |
| Account Receivable | 15,440 |
| Account Receivable | 16,000 | |
| Factoring Fee Expense | 560 | |
| Cash | 15,440 |
| Account Receivable | 15,440 | |
| Factoring Fee Expense | 560 | |
| Cash | 16,000 |
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