ANSWERS TO QUESTIONS
Cash 92,000 Due from Factor 6,000* Loss on Sale of Receivables 2,000** Accounts Receivable 100,000 *6% X $100,000 = $6,000 **2% X $100,000 = $2,000 Fredrick Accounts Receivable 100,000 Due to CRC 6,000 Financing Revenue 2,000 Cash 92,000 BRIEF EXERCISE 7-10. CRC ................
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