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Business, 14.04.2020 21:41 diamond2738

Sheffield Corp. factors $2600000 of its accounts receivables without recourse for a finance charge of 3%. The finance company retains an amount equal to 9% of the accounts receivable for possible adjustments. Sheffield estimates the fair value of the recourse liability at $330000. What would be the debit to Cash in the journal entry to record this transaction

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