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Skysong is planning to factor some accounts receivables at the end of the year. Accounts totaling $14100 will be transfered to Credit Factors, Inc with

Skysong is planning to factor some accounts receivables at the end of the year. Accounts totaling $14100 will be transfered to Credit Factors, Inc with recourse. Credit Factor will retain 7% of the balances for probable adjustments and assesses a finance charge of 6%. The fair value of the recourse obligation is $1021. Prepare the journal entry to record the sale of the receivables

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