A Company Factored 35 000 Of Its Accounts Receivable And Was Charged A 2 Factori

A company factored $35,000 of its accounts receivable and was charged a 2% factoring fee. The journal entry to record this transaction would include a debit to Cash of $35,000, a debit to Factoring Fee Expense of $700 and credit to Accounts Receivable of $35,700. True or False?

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