A Company Sold $10,000 of Its Accounts Receivable and Was

question 137

Multiple Choice

A Company sold $10,000 of its accounts receivable and was charged a 2% factoring fee.How should the company record this transaction in the journal?

• A) \[\begin{array} { | l | r | r | }
• \hline \text { Cash } & 9,800 & \\
• \hline \text { Factoring Fee Expense } & 200 & \\
• \hline \text { Accounts Receivable } & & 10,000 \\
• \hline
• \end{array}\]
• B) \(\begin{array}{|l|r|r|}
• \hline \text { Cash } & 10,000 & \\
• \hline \text { Accounts Receivable } & & 10,000 \\
• \hline
• \end{array}\)
• C) \(\begin{array}{|l|r|r|}
• \hline \text { Cash } & 10,000 & \\
• \hline \text { Factoring Fee Expense } & & 200 \\
• \hline \text { Accounts Receivable } & & 9,800 \\
• \hline
• \end{array}\)
• D) \[\begin{array} { | l | r | r | }
• \hline \text { Accounts Receivable } & 10,000 & \\
• \hline \text { Factoring Fee Expense } & & 200 \\
• \hline \text { Cash } & & 9,800 \\
• \hline
• \end{array}\]
• E) \[\begin{array} { | l | r | r | }
• \hline \text { Accounts Receivable } & 9,800 & \\
• \hline \text { Factoring Fee Expense } & 200 & \\
• \hline \text { Cash } & & 10,000 \\
• \hline
• \end{array}\]

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Definitions:

Financial Knowledge

The understanding of various financial principles, products, and services, enabling effective money management and investment decisions.

Intermittent Reinforcement

A conditioning schedule in which a behavior is reinforced at irregular intervals, leading to stronger and more resilient behavioral responses.

Continuous Reinforcement

A conditioning schedule where every correct or desired response is followed by a reward, encouraging repeated behavior.

Generic Influence Tactics

Broad strategies employed by individuals or groups to persuade or motivate others towards achieving a specific action or outcome.