Question: Question 9 1 points Save Ann On March 30, 2019. Lujain Company factors $1,000,000 of its accounts receivables with guarantee (recourse) for a finance charge
Question 9 1 points Save Ann On March 30, 2019. Lujain Company factors $1,000,000 of its accounts receivables with guarantee (recourse) for a finance charge of 4%. The finance company retains an amount equal to 8% of the accounts receivable for possible adjustments. The journal entry in Latin company's book on March 30, 2019 includes which one of the following? OA Debit Cash of $880,000 Debt Account Receivable of $1,000,000 Debit Loos on sale of $40,000 Great Duo from Factor of 500,000
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