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Coronado Incorporated factored $164,900 of accounts receivable with Whispering Factors Inc. on a without-recourse basis. Whispering assesses a 2% finance charge of the amount of
Coronado Incorporated factored $164,900 of accounts receivable with Whispering Factors Inc. on a without-recourse basis. Whispering assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable for possible adjustments. Prepare the journal entry for Coronado Incorporated and Whispering Factors to record the factoring of the accounts receivable to Whispering. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit No. Account Titles and Explanation Coronado Whispering Question Attempts: 0 of 3 used
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