Jervis Sells $75,000 of Its Accounts Receivable to Northern Bank

question 58

Multiple Choice

Jervis sells $75,000 of its accounts receivable to Northern Bank in order to obtain necessary cash.Northern Bank charges a 5% factoring fee.What entry should Jervis make to record the transaction?

• A)Debit Cash $71,250; debit Factoring Fee Expense $3,750; credit Accounts Receivable $75,000
• B)Debit Accounts Receivable $71,250; debit Factoring Fee Expense $3,750; credit Cash $75,000
• C)Debit Cash $75,000; credit Factoring Fee Expense $3,750; credit Accounts Receivable $75,000
• D)Debit Cash $71,250; credit Accounts Receivable $71,250
• E)Debit Accounts Receivable $75,000; credit Factoring Fee Expense $3,750; credit Cash $71,250

Appreciate the theoretical differences and scopes of practice among psychologists, counselors, and psychiatrists.

Explain the role and method of transference in psychotherapy.

Identify defense mechanisms in therapy, such as resistance.

Recognize the significance of dreams and symbolic content in psychoanalytic therapy.

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Definitions:

Wage Rates

The amount of money paid per unit of time or output to an employee for labor.

Employment Decline

A reduction in the number of jobs or the rate of employment within an economy.

Economic Profit

The discrepancy between overall income and the sum of all expenses, covering both direct and indirect costs.

Profit-maximizing

The process or strategy of adjusting production and sales to achieve the highest possible profit levels under given conditions.