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QUESTION
A company factored $35,000 of its accounts receivable and was charged a 2% factoring fee.
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. True or False?
