with explain ! On November 1, 2020, Kenan Company sells...
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On November 1, 2020, Kenan Company sells (factors) $600,000 of receivables to Nation Factors, Inc. Nation assesses a service charge of 3% of the number of receivables sold. The journal entry to record the sale by Kenan will include: 1. a debit of $618,000 to Cash. a credit of $618,000 to Cash a debit of S600,000 to Accounts Receivable. a debit of $18,000 to Service Charge Expense. 2. 3. 4
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