On March 3 Pride Appliances sells $710,000 of its receivables to American Factors Inc. American Factors Inc.

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On March 3 Pride Appliances sells $710,000 of its receivables to American Factors Inc. American Factors Inc. assesses a service charge of 5% of the amount of receivables sold.

Instructions
Prepare the entry on Pride Appliances’ books to record the sale of the receivables.

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Financial Accounting Tools for Business Decision Making

ISBN: 978-0470239803

5th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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