Exercise 9-7 (Part Level Submission)
Presented below are two independent situations.
(a)
On March 3, Kitselman Appliances sells 1,500 of its receivables to Ervay Factors Inc. Ervay Factors assesses a finance charge of 1% of the amount of receivables sold. Prepare the entry on Kitselman Appliances’ books to record the sale of the receivables.
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