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Orman Co Sold $80,000 of Accounts Receivable to First Savings and and Incurred

question 36

Essay

Orman Co. sold $80,000 of accounts receivable to First Savings and incurred a 3% factoring fee. Prepare the journal entry for Orman Co. to record the sale.


Definitions:

Job-Protected

Pertaining to laws or policies that safeguard an employee's position at work during periods of leave due to personal or family illness, childbirth, or other reasons as specified by legislation.

Health Benefits

The positive effects on well-being and physical condition that come from engaging in healthy behaviors or receiving medical treatments.

Flex-Time

A flexible work arrangement allowing employees to alter their start and end times, accommodating personal needs and preferences.

Pregnancy Discrimination

Unfair treatment of a woman in the workplace due to her pregnancy, affecting her job security, opportunities, and income.

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