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:

Retirement

The process of leaving one's job or career and ceasing to work, typically due to age.

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A romantic relationship or sexual liaison that occurs outside of marriage, often leading to distress or conflict within marital relationships.

Couple's Communication

The exchange of information, feelings, and meanings between two people in a romantic relationship.