Annie's Attic Sold $80,000 in Accounts Receivable to First Bank

question 144

Essay

Annie's Attic sold $80,000 in accounts receivable to First Bank and incurred a 2% factor fee. Prepare the journal entry to record the sale.

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Definitions:

Frontline Managers

Individuals in a business who have direct contact with customers and are responsible for day-to-day management.

Outcome-Based Systems

Systems focused on achieving specific results or outcomes, often in contrast to process-oriented approaches.

Measurable

refers to the ability of something to be quantified or assessed using numerical data.

Supervision

Supervision involves overseeing the performance and tasks of employees to ensure that organizational goals are met efficiently and effectively.