Business, 15.11.2019 05:31 edgartorres5123

Laurel company factors $300,000 of receivables to hardy factors. hardy assesses a 3% fee on the amount of receivables sold. laurel co. factors its receivables to hardy regularly. what journal entry does laurel make when the factoring occurs?
a. cash 291,000 accounts receivable 291,000
b. cash 291,000 service charge expense 9,000 accounts receivable 300,000
c. cash 291,000 loss on sale of receivables 9,000 accounts receivable 300,000
d. cash 300,000 gain on sale of receivables 9,000 accounts receivable 291,000

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Laurel company factors $300,000 of receivables to hardy factors. hardy assesses a 3% fee on the amou...

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