A Company Factored $30,000 of Its Accounts Receivable and Was

question 177

True/False

A company factored $30,000 of its accounts receivable and was charged a 2% factoring fee. The journal entry to record this transaction would include a debit to Cash of $30,000, a debit to Factoring Fee Expense of $600, and credit to Accounts Receivable of $30,600.

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A personalized method or strategy tailored to meet the unique characteristics and needs of an individual.

Immediate Action

A prompt and direct response to a situation or problem, often to mitigate or resolve it quickly.

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Agreement and acceptance of an idea, plan, or strategy by all involved or affected parties.

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An individual skilled in assessing situations or arguments to make well-founded judgements.