Question
Calico Corners decides to sell $400,000 of its accounts receivable to Fast Cash Factors Inc. Fast Cash Factors assesses a service charge of 3% of
Calico Corners decides to sell $400,000 of its accounts receivable to Fast Cash Factors Inc. Fast Cash Factors assesses a service charge of 3% of the amount of receivables sold. Prepare the journal entry that Calico Corners makes to record this sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
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Introduction To Management Accounting With Myaccountinglab And
Authors: Alnoor Bhimani, Charles T. Horngren, Gary L. Sundem, William O. Stratton, Jeff Schatzberg, Dave Burgstahler
1st Edition
1292178116, 978-1292178110
