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Prepare the journal entry for Vaughn Incorporated

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Question - Vaughn Incorporated factored $135,100 of accounts receivable with Bramble Factors Inc. on a without-recourse basis. Bramble assesses a 3% finance charge of the amount of accounts receivable and retains an amount equal to 7% of accounts receivable for possible adjustments.

Required - Prepare the journal entry for Vaughn Incorporated and Bramble Factors to record the factoring of the accounts receivable to Bramble.

Reference no: EM132616397

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