Ch6 #11

Newton enterprises journal entry

On December 1, Newton Enterprises sells $100,000 of accounts receivable to a factor without resource, receives 85% of the value of the factored accounts, and changed a 10% commission on the gross amount of the factored accounts receivable. Newton normally factors its accounts receivable. Prepare Newton's journal entry. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0" and when required, round your answer to the nearest dollar