TechCom Factored $35,000 of Its Accounts Receivable and Was Charged

question 78

True/False

TechCom factored $35,000 of its accounts receivable and was charged a 2% factoring fee. The journal entry to record this would include a debit to Cash of $35,000; a debit to Factoring Fee Expense of $700; and a credit to Accounts Receivable of $35,700.

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Definitions:

Norepinephrine

A neurotransmitter and hormone involved in the body's fight or flight response, affecting heart rate, blood pressure, and sugar metabolism.

Norepinephrine

A neurotransmitter and hormone involved in regulating stress responses, attention, and arousal states within the body.

Serotonin

A neurotransmitter involved in many functions, including mood regulation, appetite, and sleep, with imbalances associated with several mental health disorders.

Brain Stimulation

Therapeutic procedures that use electrical impulses or magnetic fields to stimulate brain activity, used to treat various neurological and psychiatric conditions.