Debit to Cash of $46,000 and a credit to Accounts Receivable of $46,000. Debit t

Question

Debit to Cash of $46,000 and a credit to Accounts Receivable of $46,000.

Debit to Cash of $46,920 and a credit to Accounts Receivable of $46,920.

Debit to Cash of $45,080, a debit to Factoring Fee Expense of $920, and a credit to Accounts Receivable of $46,000.

Debit to Cash of $46,000 and a credit to Notes Payable of $46,000.

Debit to Cash of $46,000, a credit to Factoring Fee Expense of $920, and a credit to Accounts Receivable of $45,080.

A company factored $46,000 of its accounts receivable and was charged a 2% factoring fee. The journal entry to record this transaction would include a:

Explanation / Answer

Debit to Cash of $45,080, a debit to Factoring Fee Expense of $920, and a credit to Accounts Receivable of $46,000

Cash A/c Dr 45080 Factoring Fees A/c Dr 920 To Debtor 46000

Related Questions

Navigate

• Browse (All)
• Browse D
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.