Laurel company factors $300,000 of receivables to hardy factors. hardy factors assesses a 3% fee on the amount of receivables sold. laurel co. factors its receivables to hardy factors regularly. what journal entry does laurel co. make when the factoring occurs?

The answers are:

Dr Cash 291,000

Dr Service Charge Expense 9,000

Cr Accounts Receivable 300,000

Explanation:

When assets increase, they are debited. Since cash increases then it should be recorded as a debit. Since accounts receivable decreases, then it should be recorded as a credit.

When expenses increase, they are debited. Since service charge expenses increases, then it should be recorded as a debit.  

answer; (cash) is the best out of the above; good luck

muslims control the north africa during the period of 1500 up

to 1800. they made a barrier to prevent further european exploration from

entering the africa from the north. however, the dutch ware still able to move

toward the interior with having south africa as one of the routes leading to

the east for trading with asia.