ervis sells $75,000 of its accounts receivable to Northern Bank in order to obtain necessary cash. Northern Bank charges a 5% factoring fee. What entry should Jervis make to record the transaction?

Debit Cash account      $71,250

Debit Factoring charge   $3,750

Credit Accounts receivable  $75,000

Explanation:

Factoring accounts receivable involves the sale of the account receivable to another party such that the debt is now payable to that party. This is usually done to ease liquidity and at a charge.

When receivables are factored,

Debit Cash account

Debit Factoring charge

Credit Accounts receivable

Charge on factoring =  5/100 × $75,000

= $3,750

Amount to be received = $75,000 - $3,750

= $71,250

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.

b.

c.

d.

g.

those r all of them i believe