Oliver Furniture factors $800,000 of receivables to Kwik Factors, Inc. Kwik Factors assesses a 2% service charge on the amount of receivables sold. Oliver Furniture factors its receivables regularly with Kwik Factors. What journal entry does Oliver make when factoring these receivables? 
Definitions:
Stanine
A method of scaling test scores on a nine-point standard scale with a mean of five and a standard deviation of two.
Standard Deviation
A statistical measure that quantifies the amount of variation or dispersion of a set of data values around the mean.
Standard Score
A score that has been transformed to fit a common scale, allowing for comparison across different tests or assessments.
T Score
A standardized type of score that has a mean of 50 and a standard deviation of 10, used in various psychological and educational tests.
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