ABC Co Sold $80,000 of Accounts Receivable to First Bank and and Incurred

question 16

Essay

ABC Co. sold $80,000 of accounts receivable to First Bank and incurred a 2% factoring fee. Prepare the journal entry for ABC Co. to record the sale.

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Definitions:

Inaction Strategy

a deliberate choice to not act or intervene in a situation as a form of strategic decision-making.

Concern for Aspirations

The attention or regard given to understanding and valuing someone's hopes, dreams, or goals.

Perception of Common Ground

The understanding or belief shared among individuals or groups regarding mutual interests or values.

Probability

The likelihood or chance of an event happening, often expressed as a number between 0 and 1.