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Question(s) / Instruction(s):

A company factored $46,000 of its accounts receivable and was charged a 5% factoring fee. The journal entry to record this transaction would include a:
A.   Debit to Cash of $46,000 and a credit to Notes Payable of $46,000
B.   Debit to Cash of $48,300 and a credit to Accounts Receivable of $48,300
C.   Debit to Cash of $46,000, a debit to Factoring Fee Expense of $2,300, and credit to Accounts Receivable of $43,700
D.   Debit to Cash of $46,000 and a credit to Accounts Receivable of $46,000
E.   Debit to Cash of $43,700, a debit to Factoring Fee Expense of $2,300, and a credit to Accounts Receivable of $46,000

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