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Presented below are two independent situations. (a) On March 3, Van Teese Appliances sells $680,000 of its receivables to Naomi Factors Inc. Naomi Factors assesses

Presented below are two independent situations. (a) On March 3, Van Teese Appliances sells $680,000 of its receivables to Naomi Factors Inc. Naomi Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Van Teese Appliances

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