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Business, 11.12.2019 00:31 edwardsb

Arness woodcrafters sells $250,000 of receivables to commercial factors, inc. on a with recourse basis. commercial assesses a finance charge of 5% and retains an amount equal to 4% of accounts receivable. arness estimates the fair value of the recourse liability to be $8,000. prepare the journal entry for arness to record the sale

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Arness woodcrafters sells $250,000 of receivables to commercial factors, inc. on a with recourse bas...
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