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Category > Accounting Posted 28 May 2017 My Price 7.00

Assigning of specific accounts receivable

Assigning of specific accounts receivable

On June 30, 2016, the High Five Surfboard Company had outstanding accounts receivable of $600,000. On July 1, 2016, the company borrowed $450,000 from the Equitable Finance Corporation and signed a promissory note. Interest at 10% is payable monthly. The company assigned specific receivables totaling $600,000 as collateral for the loan. Equitable Finance charges a finance fee equal to 1.8% of the accounts receivable assigned.

Required:

Prepare the journal entry to record the borrowing on the books of High Five Surfboard.

 

Answers

Alpha Geek
(8)
Status NEW Posted 28 May 2017 08:05 AM My Price 7.00

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Attachments

file 1495958944-1848422_1_636314786852702186_Assigning-accounts-Receivables.xlsx preview (141 words )
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