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First central factors assesses a service charge of 3 of the

Calico Corners decides to sell $400,000 of its accounts receivable to First Central Factors Inc. First Central 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.

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Accounting Basics: First central factors assesses a service charge of 3 of the

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