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Prepare the journal entry for Bonita to record the sale

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Question - Bonita Woodcrafters sells $248,100 of receivables to Commercial Factors, Inc. on a with recourse basis. Commercial assesses a finance charge of 6% and retains an amount equal to 5% of accounts receivable. Bonita estimates that the recourse liability has a fair value of $4,395 instead of $8,790 estimated earlier.

Required - Prepare the journal entry for Bonita to record the sale.

Reference no: EM132616417

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