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Determine the cash received from financing

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On Julv 23. Plitt Company factored P300,000 in accounts receivable for cash of P280,000. The factor withheld 7 percent of the cash proceeds to allow for possible customer returns. An allowance for doubttul accounts of P13.000 had previously been established by Pitt in relation to these accounts.

Problem 1: Determine the cash received from financing

Reference no: EM133012189

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