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On March 3, Pharoah Appliances sells $731,300 of its receivables to Western Factors Inc. Western...

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Accounting

On March 3, Pharoah Appliances sells $731,300 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 4% of the amount of receivables sold.
Prepare the entry on Pharoah Appliances' books to record the sale of the receivables. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date Account Titles and Explanation
Debit
Credit
Mar. 3
image

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