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:
Current Head
The individual currently in charge or leading a team, department, or organization.
Succession Plan
A strategy for identifying and developing new leaders who can replace old leaders when they leave, retire, or die.
Leadership Transition
The process of handing over roles and responsibilities from one leader to another, often involving significant change and adaptation.
Financial Matters
Aspects or issues related to the management, investment, and expenditure of money.
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