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Question(s) / Instruction(s):

A company factored $36,500 of its accounts receivable and was charged a 3% factoring fee. The journal entry to record this transaction would include a debit to Cash of $36,500, a debit to Factoring Fee Expense of $1,095, and credit to Accounts Receivable of $37,595.
a)    True
b)    False

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