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Question 5 (5 points) On December 1, 2020, accounts receivable in the amount of $300,000 were assigned to a finance company by Jujitsu Corp., agreeing
Question 5 (5 points) On December 1, 2020, accounts receivable in the amount of $300,000 were assigned to a finance company by Jujitsu Corp., agreeing to 2 month duration, 4% commission and 8% annual interest rate. During the first month, Jujitsu Corp collected $190,000 on assigned accounts, which it remitted to the finance company Required: Provide all relevant journal entries that Jujitsu Corp. should record for the above commenting on why Jujitsu might enter such a transaction
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