Paisley Corporation sells $75,000 of receivables to a factor without recourse, receives 95% of the value of
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Paisley Corporation sells $75,000 of receivables to a factor without recourse, receives 95% of the value of the factored accounts and is charged a 10% commission based on the gross amount of the factored receivables. What journal entry does Paisley record for the sale?
Related Book For
Fundamentals of Corporate Finance
ISBN: 978-1260566093
10th edition
Authors: Richard Brealey, Stewart Myers, Alan Marcus
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