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Brady Company factored $800,000 of accounts receivable, with recourse, with Lancaster Financing on 3/1/23. The finance charge is 3%, and 5% was retained to cover
Brady Company factored $800,000 of accounts receivable, with recourse, with Lancaster Financing on 3/1/23. The finance charge is 3%, and 5% was retained to cover sales discounts, sales returns, and sales allowances. Brady estimates the bad debts at 2.5% of sales. What journal entry will Brady make on 3/1/23 to record the factoring
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