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Rick's Retailer needs immediate cash to pay salaries and purchase additional merchandises. It decided to sell an Accounts Receivable balance for $150,000 to Joe Factor.
| Rick's Retailer needs immediate cash to pay salaries and purchase additional merchandises. | |||||||||
| It decided to sell an Accounts Receivable balance for $150,000 to Joe Factor. Joe Factor will charge a | |||||||||
| service fee of 5%. Please prepare the Journal entry to record the cash Rick Retailer will receive | |||||||||
| from Joe Factor. | |||||||||
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Brinks Modern Internal Auditing A Common Body Of Knowledge
Authors: Robert R. Moeller
7th Edition
0470293039, 978-0470293034
