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Business, 09.12.2019 17:31 Cheflulu5727

Wood incorporated factored $150,000 of accounts receivable and engram factors inc. on the without recourse basis. engram assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable for possible adjustments. prepare the journal entry for wood incorporated and engram factors to record the factoring of the accounts receivable to engram.

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Wood incorporated factored $150,000 of accounts receivable and engram factors inc. on the without re...
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