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Business, 23.10.2019 04:50 tjmoney7709
Pharoah incorporated factored $154,700 of accounts receivable with engram factors inc. on a with recourse basis. engram assesses a 3% finance charge of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable for possible adjustments. prepare the journal entry for pharoah to record the sale, assuming that the recourse liability has a fair value of $6,720
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