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Prepare the journal entry for Teal to record the sale

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Question - Teal Woodcrafters sells $249,300 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. Teal estimates the fair value of the recourse liability to be $8,090.

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

Reference no: EM132616409

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