Current Attempt in Progress On March 1, 2020, Oriole Pasta Company assigns $1403100 of its accounts receivable to Bank of China as collateral for a $1001000 note. Bank of China assesses a finance charge of 1 percent of the accounts receivable and interest on the note of 15 percent. Which of the following is correct regarding this transaction? On March 1, 2020, Oriole Pasta Company will credit Due from Factor for $20020. Oriole Pasta Company has factored its receivables. On March 1, 2020, Oriole Pasta Company will debit Interest Expense for $14031. On March 1, 2020, Oriole Pasta Company will debit Loss on Sale of Receivables for $34051. Save for Later Attempts: 0 of 1 used Submit Answer

On March 1, 2020, Oriole Pasta Company assigns $1403100 of its accounts receivable to Bank of China as collateral for a $1001000 note. Bank of China assesses a finance charge of 1 percent of the accounts receivable and interest on the note of 15 perceot. Which of the following is correct regarding this transaction? On March 1, 2020, Oriole Pasta Compary wall credit Due from Factor for \$20020: Oriole Pasta Company has factored its receivables. OnMarch 1,2020, Oriole Pasta Compary will debit Interest Expense for $14031 On March 1, 2020, Oriole Pasta Company will debit Loss on 5 ale of Receivables for $34051