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On February 11, Coleman Company factors $370,000 of its accounts receivable to Stewart Company. Stewart Company assesses a charge of 6% of receivables sold. The

On February 11, Coleman Company factors $370,000 of its accounts receivable to Stewart Company. Stewart Company assesses a charge of 6% of receivables sold. The transfer of receivables from Coleman Company to Stewart Company is accounted for as a sale. Required: Journalize Coleman Company's transactions to record the factoring of receivables.

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