On january 1st of the current year lenox company decides to

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On January 1st, of the current year, Lenox Company decides to sale (with recourse) $4,000,000 of their receivables. The finance company charges a 5% finance fee and retains 5% of the receivables for possible uncollectibles. Lenox Company did not make the necessary entries.

Reference no: EM13581107

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