On july 23 plitt company factored 300000 in accounts

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Reference no: EM13355586

On July 23, Plitt Company factored $300,000 in accounts receivable for cash of $280,000. The factor with held 7 percent of the cash proceeds to allow for possible customer returns. An allowance for doubtful accounts of $13,000 had previously been established by Plitt in relation to these accounts.

Make the journal entry necessary on Plitt's books to record the factoring of the accounts.

Reference no: EM13355586

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