Solved: Ervay factors assesses a finance charge of 3 of the amount, Accounting Basics

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Ervay factors assesses a finance charge of 3 of the amount

Question - On March 3, Kitselman Appliances sells $650,000 of its receivables to Ervay Factors Inc. Ervay Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Kitselman Appliances books to record the sale of the receivables.

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Accounting Basics: Ervay factors assesses a finance charge of 3 of the amount

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