On December 7, 2020, x factored $300,000 of accounts receivables to Harby Finance Corporation...
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Accounting
On December 7, 2020, x factored $300,000 of accounts receivables to Harby Finance Corporation with recourse. Harby assessed a finance charge of 1% of the factored receivables and retained 3% of the receivables to cover sales returns and allowances. The recourse liability was estimated at 2% of the gross accounts receivable. Record the factoring of the receivables.
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