Question
Jervis sells $4,000 of its accounts receivable to Northern Bank in order to obtain necessary cash. Northern Bank charges a 2% factoring fee. What entry
Jervis sells $4,000 of its accounts receivable to Northern Bank in order to obtain necessary cash. Northern Bank charges a 2% factoring fee. What entry should Jervis make to record the transaction?
rev: 02_23_2016_QC_CS-43350
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Accounting and Financial Analysis in the Hospitality Industry
Authors: Johnathan Hales
1st edition
132458667, 978-0132458665
