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Wazowski Enterprises sells $55,000 of its customer receivables to Randall Corp without recourse. Randall charges a 6% factoring fee for this service. REQUIRED: What journal
Wazowski Enterprises sells $55,000 of its customer receivables to Randall Corp without recourse. Randall charges a 6% factoring fee for this service. REQUIRED: What journal entry will be made by Wazowski to record the transaction? What would be the journal entry made by Wazowski if this sale was with a recourse obligation of $5,000? Now, ignoring the previous part (2B), suppose this sale has a return provision. Randall will retain 4% to account for the possibility of sales returns. Record the journal entry that Wazowski would make
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