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Business, 07.12.2019 01:31 liah9465

On march 1, 2017, company assigns $1,400,000 of its accounts receivable to bank as collateral for a $1,000,000 note. bank assesses a finance charge of 1 percent of the accounts receivable and interest on the note of 12 percent. which of the following is correct regarding this transaction? a. on march 1, 2017, company will debit loss on sale of receivables for $34,000.b. on march 1, 2017, company will credit due from factor for $20,000.c. company has factored its receivables. d. on march 1, 2017, company will debit interest expense for $14,000

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On march 1, 2017, company assigns $1,400,000 of its accounts receivable to bank as collateral for a...
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