Knowledge Check On September 1, Sandhill Motors sells $405,000 of its receivables to Factors Incorporated. Factors Incorporated assess a service charge of 2% of the amount of receivables sold. Prepare the entry on Sandhill Motors' books to record the sale of the receivables. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Sep. 1 Cash Service Charge Expense Accounts Receivable Save for Later + # + Debit Credit 405000 Attempts: 0 of 3 used Submit Answer

On September 1, Sandhil Motors sells $405,000 ot its receivables to Factors Incorporated. Factors incorporated assess a service charge of 2% of the amount of recelvables sold. Prepare the entry on Sandhill Motors' books to record the sale of the recelvables. (List all debit entries before credit entries: Credit occount titles are outomatically indented when the amount is entered. Do not indent manualily.) Attempts: 0 of 3 used