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Neumann needs 160000 to cover next fridays payroll its

Neumann needs $160,000 to cover next Friday's payroll. Its balance of outstanding accounts receivable totals $800,000. To alleviate this cash crunch, the company sells $170,000 of its receivables. Record the entry that Neumann would make. (Assume a 2% service charge)

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Finance Basics: Neumann needs 160000 to cover next fridays payroll its

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