Company factored, correct if a company factored $2,500,000

Company factored

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Reference no: EM13916929

Which of the following would be correct if a company factored $2,500,000 of receivables with a 2 percent fee?

a. $50,000 debit to factoring fee receivable.

b. $50,000 debit to factoring fee expense.

c. $2,500,000 debit to accounts receivable.

d. $2,450,000 credit to cash.

Reference no: EM13916929

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