Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

TB MC Qu. 07-80 A company factored... A company factored $45,000 of its accounts receivable and was charged a 4% factoring fee. The journal entry

image text in transcribed
TB MC Qu. 07-80 A company factored... A company factored $45,000 of its accounts receivable and was charged a 4% factoring fee. The journal entry to record this transaction would include Multiple Choice Debit to Cash of $45,000, a dobit to Factoring Fee Expense of $1,800, and a credit to accounts focevable of $46.800 Debit to Cosh of $45.000 and a credit to Accounts Receivable of $45.000, Debit to Cash of $43,200, a debit to Factoring Fee Expense of $1,800, and a credit to Accounts Receivable of $45.000 Debit to Cash of $46,800 and a credit to Accounts Receivable of $46,800 Debit to Cash of $45,000 and a credit to Notes Payable of $45,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting For Managers

Authors: Eric Noreen, Peter Brewer, Ray Garrison

6th Edition

1264100590, 9781264100590

More Books

Students also viewed these Accounting questions