On March 3, Bridgeport Corp. sells $768,500 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 Bridgeport Corp.’ 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 3enter a debit amountenter a credit amountenter an account title for the journal entry on March 3enter a debit amountenter a credit amountenter an account title for the journal entry on March 3enter a debit amountenter a credit amount

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Asked Nov 24, 2019
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On March 3, Bridgeport Corp. sells $768,500 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 Bridgeport Corp.’ 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

Prepare journal entry to record the sale of the recei...

Account and Explanation
Date
Debit
Credit
March 3
Cash
$737,760
Loss on sale ofreceivable
$30,740
Account receivable
$768,500
(To record sale of receivable)
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Account and Explanation Date Debit Credit March 3 Cash $737,760 Loss on sale ofreceivable $30,740 Account receivable $768,500 (To record sale of receivable)

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