Make journal entry necessary on plitt''s books

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On July 23, Plitt Company factored $300,000 in accounts receivable for cash of $280,000. The factor with held 7 percent of the cash proceeds to allow for possible customer returns. An allowance for doubtful accounts of $13,000 had previously been established by Plitt in relation to these accounts.

Make the journal entry necessary on Plitt's books to record the factoring of the accounts.

Reference no: EM139899

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