Business, 11.03.2020 04:44 skyler1muir
On April 1, 2020, Rasheed Company assigns $400,000 of its accounts receivable to the Third National Bank as collateral for a $200,000 loan due July 1, 2020. The assignment agreement calls for Rasheed to continue to collect the receivables. Third National Bank assesses a finance charge of 2% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type).
Required:
1. Prepare the April 1, 2020 journal entry for Rasheed company.
Answers: 2
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On April 1, 2020, Rasheed Company assigns $400,000 of its accounts receivable to the Third National...
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