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Prepare the journal entry required on first factor books

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Reference no: EM132721853

Sunrise Inc. factored $164,900 of accounts receivable with First Factor Corporation on a without-recourse basis. First Factor assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable for possible adjustments.

Instructions:

Problem (a) Prepare the journal entry required on Sunrise's books.

Problem (b) Prepare the journal entry required on First Factor's books.

Reference no: EM132721853

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