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Prepare the journal entry for novak to record the sale

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Question - Novak Incorporated factored $134,100 of accounts receivable with Engram Factors Inc. on a with recourse basis. Engram assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 7% of accounts receivable for possible adjustments. Prepare the journal entry for Novak to record the sale, assuming that the recourse liability has a fair value of $6,970.

Reference no: EM133135483

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