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Please prepare the journal entry in Sherman Company book On October 1, 2015, Sherman Company sells (factors) $508,000 of receivables to Belagio Factors, Inc. Belagio

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On October 1, 2015, Sherman Company sells (factors) $508,000 of receivables to Belagio Factors, Inc. Belagio assesses a service charge of 2% of the amount of receivables sold. Please prepare the journal entry in Sherman Company book

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