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What is the amount of net credit sales for period

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Reference no: EM132742239

Problem 1: Pinkston Textiles decides to sell $600,000 of its accounts receivable to First Factors Inc. First Factors assesses a service charge of 3% of the amount of receivables sold. Prepare the journal entry.

Problem 2: The accounts receivable turnover ratio is 8.14, and average net receivables during the period are $400,000. What is the amount of net credit sales for the period?

Reference no: EM132742239

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