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Assesses a finance charge

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Reference no: EM132052636

Presented below are two independent situations.

a) On March 3, Kitselman Appliances sells $781,500 of its receivables to Ervay Factors Inc. Ervay Factors assesses a finance charge of 1% of the amount of receivables sold. Prepare the entry on Kitselman Appliances' books to record the sale of the receivables.

Reference no: EM132052636

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