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Instructions Chart of Accounts General Journal Instructions On December 1, Newton Enterprises sells $200,000 of accounts receivable to a factor without recourse, receives 75%

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Instructions Chart of Accounts General Journal Instructions On December 1, Newton Enterprises sells $200,000 of accounts receivable to a factor without recourse, receives 75% of the value of the factored accounts, and is charged a 8% commission on the gross amount of the factored accounts receivable. Newton normally factors its accounts receivable. Required: Prepare Newton's journal entry.

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