QUESTIONS Jervis sells $3400 of its accounts receivable to Northern Bank in order to obtain necessary cash. Northern Bank charges a 2% factoring fee. What entry should Jervis make to record the transaction? Debit Accounts Receivable $3332, debit Factoring Fee Expense $68; credit Cash $3400. Debit Cash $3332; debit Factoring Fee Expense $68; credit Accounts Receivable $3400 Debit Cash $3400; credit Factoring Fee Expense $68; credit Accounts Receivable $3400 Debit Accounts Receivable $3400; credit Factoring Fee Expense $68; credit Cash $3332 Debit Cash $3332; credit Accounts Receivable $3332 QUESTIONS Jervis sells $3400 of its accounts receivable to Northern Bank in order to obtain necessary cash. Northern Bank charges a 2% factoring fee. What entry should Jervis make to record the transaction? Debit Accounts Receivable $3332, debit Factoring Fee Expense $68; credit Cash $3400. Debit Cash $3332; debit Factoring Fee Expense $68; credit Accounts Receivable $3400 Debit Cash $3400; credit Factoring Fee Expense $68; credit Accounts Receivable $3400 Debit Accounts Receivable $3400; credit Factoring Fee Expense $68; credit Cash $3332 Debit Cash $3332; credit Accounts Receivable $3332