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Tamarisk Furniture factors $640000 of receivables to Pronghorn Factors, Inc. Pronghorn Factors assesses a 2% service charge on the amount of receivables sold. Tamarisk Furniture

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Tamarisk Furniture factors $640000 of receivables to Pronghorn Factors, Inc. Pronghorn Factors assesses a 2% service charge on the amount of receivables sold. Tamarisk Furniture factors its receivables regularly with Pronghorn Factors, What journal entry does Tamarisk make when factoring these receivables

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