TechCom Factored $35,000 of Its Accounts Receivable and Was Charged

question 78

True/False

TechCom factored $35,000 of its accounts receivable and was charged a 2% factoring fee. The journal entry to record this 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:

BRCA 1 Gene

A gene whose mutations are associated with a higher risk of developing breast and ovarian cancers.

T Stage

A component of the TNM staging system used in cancer diagnosis, indicating the size and extent of the primary tumor.

Diameter

A straight line passing from side to side through the center of a body or figure, especially a circle or sphere, measuring its widest part.

Axillary Nodes

Lymph nodes located in the armpit (axilla) that play a vital role in the immune response by filtering harmful substances and aiding in fighting infection.