Answered You can hire a professional tutor to get the answer.

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?

Show more
LEARN MORE EFFECTIVELY AND GET BETTER GRADES!
Ask a Question