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On 11/1/X1, $200,000 of accounts receivable were sold with recourse to a bank. The bank charges a 5% fee for its service; 1% of these
On 11/1/X1, $200,000 of accounts receivable were sold with recourse to a bank. The bank charges a 5% fee for its service; 1% of these accounts are estimated to be uncollectible. Prepare the journal entry to record this transaction. Remember to use DR and CR notations
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