Answered step by step
Verified Expert Solution
Question
1 Approved Answer
TB MC Qu. 07-80 A company factored... A company factored 545,000 of its accounts receivable and was charged 4% factoring foe. The journal entry to
TB MC Qu. 07-80 A company factored... A company factored 545,000 of its accounts receivable and was charged 4% factoring foe. The journal entry to record this transaction would include a Moe Choice Dubit to Carth of 545.000, debit to Factoring Pte Expense of St800, and a credit to Accounts Receivable of $46.500. Debt to Cash of 543,200, a debit to Factoring expense of $100, and a credit to Accounts Receivable of 545.000 Detto Cash of $45.000 and credit to Notes Payable of 545.000 c Detto Cash of 546.300 and a credits Accounts Receivable of $46,800 TB MC Qu. 07-80 A company factored... A company factored 545,000 of its accounts receivable and was charged 4% factoring foe. The journal entry to record this transaction would include a Moe Choice Dubit to Carth of 545.000, debit to Factoring Pte Expense of St800, and a credit to Accounts Receivable of $46.500. Debt to Cash of 543,200, a debit to Factoring expense of $100, and a credit to Accounts Receivable of 545.000 Detto Cash of $45.000 and credit to Notes Payable of 545.000 c Detto Cash of 546.300 and a credits Accounts Receivable of $46,800
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started