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Record the entries on Kemano books

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Reference no: EM132719017

Problem - Kemano Motorcycles sold $800,000 of receivables to a factor to increase the company's liquidity. The company chose to factor these receivables without recourse. In exchange for these receivables, the factor paid Kemano $720,000 on the date of transfer. Ultimately, the factor collected $780,000 from these receivables.

Requirement - Record the entries on Kemano's books relating to the $800,000 of accounts receivable.

Reference no: EM132719017

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