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Commercial remits 96 of the accounts receivable and charges

Keyser Woodcrafters sells $200,000 of receivables to Commercial Factors, Inc. on a recourse basis. Commercial remits 96& of the accounts receivable and charges a 5% commission on the gross amount of the transferred receivables. Keyser estimates the fair value of the recourse obligation to be $8,000.

Prepare the Journal entry for Keyser to record the sale.

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Accounting Basics: Commercial remits 96 of the accounts receivable and charges

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