A Company Factored $35,000 of Its Accounts Receivable and Was

question 78

True/False

A company factored $35,000 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 $35,000,a debit to Factoring Fee Expense of $700,and a credit to Accounts Receivable of $35,700.

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Definitions:

Motivational

Pertaining to or involving the process that initiates, guides, and maintains goal-oriented behaviors.

Goal Setting

The method of setting clear, quantifiable, attainable, pertinent, and time-limited goals to lead individual or corporate advancement.

Job Satisfaction

The degree to which an individual feels positively or negatively about their job.

Organization Dissatisfaction

A state of discontent or displeasure among members of an organization, often due to unmet needs or expectations.