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

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Accounting

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On March 3, Metlock, Inc. 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 Metlock, Inc. books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 3 672,315 Cash Service Charge Expense 35,385 Accounts Receivable 707,700

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