A company factored $45,000 of its accounts receivable and was charged a 4actoring fee. the journal entry to record this transaction would include a?

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03-08-2022
Business

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A company factored $45,000 of its accounts receivable and was charged a 4actoring fee. the journal entry to record this transaction would include a?

Sagot :

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smecloudbird17 smecloudbird17 · Answer 1 · 2022-08-12T14:43:34-04:00

When a company factored $45,000 of its accounts receivable and was charged a 4% factoring fee. The journal entry to record this transaction would include.

Account Debit Credit

Cash $43,200

Factoring fees $1,800

Accounts receivable $45,000

Thus, here the factoring fee is equivalent to 4% of total accounts receivable which is calculated as= $45,000 x 4% or $1,800.

Cash received is equivalent to total accounts receivable less factoring fee of $1,800, hence cash received = $45,000 - $1,800 = $43,200.

Hence, the journal entry to record this transaction would include a debit to cash of $43,650, a debit to factoring fee Expense of $1,350, and credit to account receivable of $45,000.

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A company factored $45,000 of its accounts receivable and was charged a 4actoring fee. the journal entry to record this transaction would include a?

Sagot :

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