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Exercise 9-7 (Part Level Submission) Presented below are two independent situations. (a) On March 3, Kitselman Appliances sells $781,500of its receivables to Ervay Factors Inc.

Exercise 9-7 (Part Level Submission)

Presented below are two independent situations.

(a)

On March 3, Kitselman Appliances sells $781,500of its receivables to Ervay Factors Inc. Ervay Factors assesses a finance charge of1% of the amount of receivables sold. Prepare the entry on Kitselman Appliances' books to record the sale of the receivables.

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