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

question 109

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 credit to Accounts Receivable of $35,700.

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Definitions:

Public Broadcasting

Media organizations, typically funded by public contributions and government grants, that provide content with a focus on public interest rather than profit.

License Fees

Charges imposed by governmental or regulatory authorities for the right to perform certain activities or use certain property.

Tax Dollars

Tax dollars refer to money collected from individuals and businesses by the government through taxes, which is then used to fund public services and government functions.

Watchdog Role

The watchdog role involves the media or an organization monitoring and reporting on the activities of governments, corporations, or other entities to ensure they are held accountable for their actions.