Exercise 8-08On March 3, Metlock, Inc. sells $719,600 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 4% of the amount of receivables sold.Prepare the entry on Metlock, Inc.’ books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditMar. 3enter an account title for the journal entry on March 3 enter a debit amount enter a credit amount  enter an account title for the journal entry on March 3 enter a debit amount enter a credit amount  enter an account title for the journal entry on March 3 enter a debit amount enter a credit amount

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Asked Oct 28, 2019
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Exercise 8-08

On March 3, Metlock, Inc. sells $719,600 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 4% of the amount of receivables sold.

Prepare the entry on Metlock, Inc.’ books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date
Account Titles and Explanation
Debit
Credit
Mar. 3
enter an account title for the journal entry on March 3
 
enter a debit amount
 
enter a credit amount
 
 
enter an account title for the journal entry on March 3
 
enter a debit amount
 
enter a credit amount
 
 
enter an account title for the journal entry on March 3
 
enter a debit amount
 
enter a credit amount
 
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Expert Answer

Step 1

Receivables: Receivables refer to an amount to be received in future. General classifications of ...

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