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QUESTION
ABC, Inc. enters into an arrangement with Matt D Corporation whereby Matt D will assume $100,000 of ABCacirc;s receivables for a 6% fee.
8. ABC, Inc. enters into an arrangement with Matt D Corporation whereby Matt D will assume $100,000 of ABCâs receivables for a 6% fee. Assuming that the transaction has a factoring arrangement with recourse and a $9,000 holdback, which one of the following entries will ABC make to record this transaction?
