Oliver Furniture factors $ \$ 600,000 $ of receivables to Kwik Factors, Inc. Kwik Factors assesses a $ 2 \% $ service charge on the amount of receivables sold. Oliver Furniture factors its receivables regularly with Kwik Factors. What journal entry does Oliver make when factoring these receivables?

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The Answer of Oliver Furniture factors $ \$ 600,000 $ of receivables to Kwik Factors, Inc. Kwik Factors assesses a $ 2 \% $ service charge on the amount of receivables sold. Oliver Furniture factors its receivables regularly with Kwik Factors. What journal entry does Oliver make when factoring these receivables?

Oliver Furniture Factors $600,000 \$ 600,000 $600,000 Of Receivables to Kwik Factors, Inc

Oliver Furniture Factors $\$ 600,000$ Of Receivables to Kwik Factors, Inc