FINANCIAL ACCT.FUND.(LOOSELEAF)
FINANCIAL ACCT.FUND.(LOOSELEAF)
7th Edition
ISBN: 9781260482867
Author: Wild
Publisher: MCG
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Chapter 7, Problem 14QS
To determine

Introduction:

Factoring of accounts receivable means the accounts receivable have been sold off for cash after deducting some percentage of charges referred to as factoring fees. The factoring fee is debited in the journal entry.

To prepare:

Journal entry for disposal of accounts receivable to factor.

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FINANCIAL ACCT.FUND.(LOOSELEAF)

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