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Problem - A factor has agreed to purchase selected accounts receivable from Epic Company. The factor charged 5% commission and 20% holdback. The following accounts are sold on July 26:
Invoice date
Customer
Amount
July 23
A
300,000
July 25
B
500,000
July 24
C
200,000
On July 28, customer B was granted a credit of P50,000 for returned merchandise. Final settlement is made with the factor on August 31.
Required - Prepare journal entries to record the transactions on the books of Epic Company.
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