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Required information

Buyer$/$Factor

Seller

Knowledge Check $01$

On December $1,$ Altona Winery sells $$100,000$ of its accounts receivable and is charged a $5$ percent factoring fee.

Prepare the December $1$ journal entry for Altona by selecting the account names from the drop$-$down menus and entering the dollar amounts in the debit or credit columns.

Journal entry worksheet

$1$

On December $1,$ Altona Winery sells $$100,000$ of its accounts receivable and is