On March $3,$ Greentree Appliances sells $$480,000$ of its receivables to Naomi Factors, Inc. Naomi Factors assesses a finance charge of $6\%$ of the amount of receivables sold. Prepare the entry on Greentree Appliance's books to record the sale of the receivables. List two advantages to Greentree to using a factor.

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EXTRA CREDIT: List two advantages to Greentree due to using a factor.