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Westside Textiles decides to sell $800,000 of its accounts receivable to First Factors Inc. First Factors assesses a service charge of 3% of the amount

Westside Textiles decides to sell $800,000 of its accounts receivable to First Factors Inc. First Factors assesses a service charge of 3% of the amount of receivables sold. Prepare the journal entry that Westside Textiles makes to record this sale.

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