Pharaoh Furniture factors $740000 of receivables to Concord Factors, Inc. Concord Factors assesses a 2% service charge on the amount of receivables sold. Pharoah Furniture factors its receivables regularly with Concord Factors. What journal entry does Pharoah make when factoring these receivables
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Pharaoh Furniture factors $740000 of receivables to Concord Factors, Inc. Concord Factors assesses a...
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