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On March 3, Ivanhoe Appliances sells $719,600 of its receivables to Western Factors Inc. Western...

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Accounting

On March 3, Ivanhoe Appliances sells $719,600 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service
charge of 4% of the amount of receivables sold.
Prepare the entry on Ivanhoe Appliances' books to record the sale of the receivables. (List all debit entries before credit entries. Credit
account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts.)
Date Account Titles and Explanation
Debit
Credit
Mar. 3
image

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