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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.
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