Calico corners decides to sell $400,000 of its accounts receivable to fast cash factors inc. fast cash factors assesses a service charge of 3% of the amount of receivables sold. prepare the journal entry that calico corners makes to record this sale.

Explanation:

The journal entry is shown below:

Cash A/c Dr                                $388,000

Service charge expense A/c Dr $12,000

     To Account receivable A/c                  $400,000

(Being sale is recorded)

The service charge is an expense that is why it is debited and it is computed by

=  Sales ×  service charge

= $400,000 × 3%

=  $12,000

Since the sales is made so the company would received the cash that is why we debited the cash account and credited the accounts receivable account

the correct answer is:

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