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Stanfield Furnishings is a local furniture manufacturer who sells handcrafted furniture to various...

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Accounting

Stanfield Furnishings is a local furniture manufacturer who sells handcrafted furniture to various large retailers. In order to meet some upcoming obligations Stanfield decides to sell $175,000 of their accounts receivable to a factor at a 3% service charge. Please show the journal entry that would be created as a result of this activity.

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