A company factored $47,000 of its accounts receivable and was charged a 1% factoring fee. The journal entry to record th

[answerhappygod]

A company factored $47,000 of its accounts receivable and was
charged a 1% factoring fee. The journal entry to record this
transaction would include a:
Multiple Choice
Debit to Cash of $47,000, a debit to Factoring Fee Expense of
$470, and credit to Accounts Receivable of $46,530.
Debit to Cash of $47,000 and a credit to Accounts Receivable of
$47,000.
Debit to Cash of $46,530, a debit to Factoring Fee Expense of
$470, and a credit to Accounts Receivable of $47,000.
Debit to Cash of $47,000 and a credit to Notes Payable of
$47,000.
Debit to Cash of $47,470 and a credit to Accounts Receivable of
$47,470.