Calico corners decides to sell 400000 of its accounts, Accounting Basics

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Calico corners decides to sell 400000 of its accounts

Question: Calico Corners decides to sell $400,000 of its accounts receivable to Fast Cash Factors Inc. Fast Cash Factors assesses a service charge of 3% of the amount of receivables sold. Prepare the journal entry that Calico Corners makes to record this sale. The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

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Accounting Basics: Calico corners decides to sell 400000 of its accounts

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