A company factored $49,000 of its accounts receivable and was charged a 2% factoring fee. The journal entry to record this transaction would include a: Multiple Choice Debit to Cash of $49,000, a credit to Factoring Fee Expense of $980, and a credit to Accounts Receivable of $48,020. Debit to Cash of $49,980 and a credit to Accounts Receivable of $49,980. Debit to Cash of $49,000 and a credit to Accounts Receivable of $49,000. Debit to Cash of $49,000 and a credit to Notes Payable of $49,000. Debit to Cash of $48,020, a debit to Factoring Fee Expense of $980, and a credit to Accounts Receivable of $49,000.
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A company factored $49,000 of its accounts receivable and was charged a 2% factoring fee. The journa...
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