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What is the amount of the debit to receivable from factor

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Question - Monacle Inc. factors $1,900,000 of its accounts receivables without recourse. The finance company retains an amount equal to 10% of the accounts receivable for possible adjustments and charges a finance fee of 3.5%. Monacle estimates the fair value of the last 10% of accounts receivable at $ 155,000. Record the journal entry for the transfer if the criteria for a sale are met. What is the amount of the debit to Receivable from Factor?

Reference no: EM133087753

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