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What journal entry does novak make when factoring receivable

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Reference no: EM132960101

Problem 1: Novak Furniture factors $730000 of receivables to Bridgeport Factors, Inc. Bridgeport Factors assesses a 2% service charge on the amount of receivables sold. Novak Furniture factors its receivables regularly with Bridgeport Factors. What journal entry does Novak make when factoring these receivables?

Reference no: EM132960101

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