Please show all your steps for your work. Thank you in advance! 6. (5...
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Please show all your steps for your work. Thank you in advance!
6. (5 points) Wood Incorporated factored $500,000 of accounts receivable with Engram Factors Inc. on a without recourse basis. Engram assesses a 3% finance charge of the amount of accounts receivable and retains an amount equal to 10% of accounts receivable for possible adjustments. 12. I Prepare the journal entry for Wood to record the sale. Also, record the journal entry for Engram Factors, Inc. to record the purchase of the receivables Wood Inc.'s Journal Entry
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