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TB MC Qu. 07-80 A company factored... A company factored 545,000 of its accounts receivable...

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Accounting

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TB MC Qu. 07-80 A company factored... A company factored 545,000 of its accounts receivable and was charged 4% factoring foe. The journal entry to record this transaction would include a Moe Choice Dubit to Carth of 545.000, debit to Factoring Pte Expense of St800, and a credit to Accounts Receivable of $46.500. Debt to Cash of 543,200, a debit to Factoring expense of $100, and a credit to Accounts Receivable of 545.000 Detto Cash of $45.000 and credit to Notes Payable of 545.000 c Detto Cash of 546.300 and a credits Accounts Receivable of $46,800 TB MC Qu. 07-80 A company factored... A company factored 545,000 of its accounts receivable and was charged 4% factoring foe. The journal entry to record this transaction would include a Moe Choice Dubit to Carth of 545.000, debit to Factoring Pte Expense of St800, and a credit to Accounts Receivable of $46.500. Debt to Cash of 543,200, a debit to Factoring expense of $100, and a credit to Accounts Receivable of 545.000 Detto Cash of $45.000 and credit to Notes Payable of 545.000 c Detto Cash of 546.300 and a credits Accounts Receivable of $46,800

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