Question: On October 1 0 , 2 0 2 3 , D Manufacturing factored its accounts receivable with a book value of $ 1 0 0

On October 10,2023, D Manufacturing factored its accounts receivable with a book
value of $100,000 to V Bank. The transfer was made without recourse. V bank charged a finance charge equal to 3% of the factored amount and retained 3% of the factored amount to cover sales returns and allowances.
Prepare the journal entries for D Manufacturing and V Bank

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