On March 3, Kitselman Appliances sells $603,000 of its receivables to Ervay Factors Inc. Ervay Facto

On March 3, Kitselman Appliances sells $603,000 of its receivables to Ervay Factors Inc. Ervay Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Kitselman AppliancesAc€?c 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

Show transcribed image text On March 3, Kitselman Appliances sells $603,000 of its receivables to Ervay Factors Inc. Ervay Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Kitselman Appliances? books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)