On 3 March Virtual Appliances sells $900 000 of its receivables to Fundamental Factors Ltd. Fundamental Factors
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On 3 March Virtual Appliances sells $900 000 of its receivables to Fundamental Factors Ltd. Fundamental Factors Ltd assesses a finance charge of 4% of the amount of receivables sold.
Required
Prepare the entry in Virtual Appliances’ records for the sale of the receivables.
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The entry in Virtual Appliances records for the sale of the receivables is as follows i Financial St...View the full answer
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Related Book For 
Financial Accounting Reporting Analysis And Decision Making
ISBN: 9780730313748
5th Edition
Authors: Shirley Carlon, Rosina Mladenovic Mcalpine, Chrisann Palm, Lorena Mitrione, Ngaire Kirk, Lily Wong
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